A Healthy Economy
The United States is currently enjoying one of the longest job growth streaks in its history. As of February, 2017 unemployment stood 4.7%, which continues a trend of sub 5% unemployment throughout 2016. At an unemployment rate of 5% or less, it’s generally understood that anyone who’s able and willing to work has found a job. So if this is true, most industries must have plenty of workers, right? Not so fast.
A Construction Skilled Labor Shortage
The construction industry - long a bellwether of overall economic health - has seen year-over-year growth in construction starts in each of the last four years. This growth has spawned a corresponding jump in construction hiring according to a recent Job Openings and Labor Turnover (JOLT) report. But unlike the economy at large where growth and job opening signal health, this new data underscores the uncertain future for America’s construction industry.
In 2015 the Associated General Contractors of America commissioned a report surveying 1,358 U.S. Contractors. The results neatly capture the problem the industry faces: