In the midst of a healthy economy and economic growth it’s important to look at the labor trends for our specific industry – commercial construction. With the continued growth and evolution of the construction industry, companies must stay up-to-date if they want to remain competitive.
Jobs are Booming
The bright side of a growing economy is an increase in construction – everything from new builds to renovations and retrofitting has been steadily increasing in recent years. As a direct result, the number of job openings has grown substantially with 73,000 new jobs available in construction as of March 2019 according to the Bureau of Labor Statistics. Furthermore, the Bureau also states that the number of positions left open as a result of individuals quitting has decreased by 38,000 as of March 2019.
Planning for Hiring
This data indicates an increase in the demand for workers, without a corresponding increase in the available labor force. Over the last five years, average pay for construction workers – both hourly and salary – has increased. This salary trend in conjunction with the increase in available jobs, has led to the pool of unemployed workers diminishing. And that pool gets even smaller the more experienced an individual may be, putting constraints on hiring efforts for many companies.
As the construction industry to continues to grow we will continue to contend with a limited supply of skilled craft workers. The availability of qualified labor will continue to decrease as younger generations avoid many trade career options and more baby boomers retire. With so many available positions, it becomes harder for companies to draw in new people. This is definitely a trend to keep an eye on throughout 2019 and into the coming years.
At Green Heart, we believe what will set us apart as an employer are considerations beyond salary and benefits. Our competitive advantage lies in our mission and core values, our focus on building lasting relationships, and fostering a sense of community. Contact us today to tell us to learn more about working with us as well as for us.