The United States is on the precipice of a massive skilled labor shortage, according to the 2017 Commercial Construction Index. Compiled by USG Corp. and the U.S. Chamber of Commerce, the survey revealed “steady optimism from contractors about revenue forecasts and their backlog of work, yet concerns about the availability, training and cost” of hiring skilled workers in 2018. Beginning in the latter half of 2017, the shortage could be the largest our country has seen in decades, with the potential to weaken a sector that currently contributes more than $700 billion to the U.S. economy.
On a positive front, this shortage also indicates demand for commercial construction projects is currently very high, with aggressive building programs beginning throughout the year across the country. In the short term, companies have started to offer increased wages, more benefits, additional overtime opportunities and are even sourcing support from neighboring regions to meet this demand. However, adequate long-term planning still is required to fulfill the contractual obligations of upcoming projects.
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