As we discussed in the first section of this article, 82 percent of the builders questioned in a 2017 survey stated their biggest issue within the construction industry was with the “cost and availability” of labor. With construction projects surging, how will the industry be able to meet the labor demand with few young men and women interested in a career in construction? As Jacksonville construction lawyers, we ask ourselves this question often. Something needs to be done to meet this increasing demand to build.
The Rapid Growth of the Construction Industry
ConstructConnect, a technology solutions company for construction professionals, released its 2018 quarterly report recently. The report projects that from 2019 to 2022, the construction industry should experience a 5 percent increase in total growth. With many state and local governments developing opportunities for work on roadways (approximately 7 percent projected total growth in 2018) and bridges (9 percent), the demand for construction industry projects is increasing at an extremely impressive rate. With a $1.5 trillion infrastructure bill recently proposed by President Donald Trump and a new tax plan that promotes corporations to raise spending, this total growth in construction projects should continue to expand over the next decade.
Residential Market Increasing Rapidly
According to ConstructConnect’s quarterly report, the most impressive forecasted increase from the present day through 2022 was pertaining to construction projects in the residential sector. In fact, the homebuilding market is expected to see a 7 percent total increase through 2022. With single-family home building projected to see over 9 percent growth, the demand for construction in the residential sector is skyrocketing.
The Dilemma of Filling These Positions
With over $1 trillion invested in spending on new construction projects, there were more than 200,000 new construction jobs created in 2017. With the rapid rise in total growth in the residential sector, consistently meeting this demand has become a real challenge for the construction industry. Although many homebuyers are hopeful to buy a new home, finding the construction crews to build these homes has become a growing problem. With an increasing demand for construction projects and fewer skilled workers available, builders are finding it increasingly difficult to complete projects on time.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.