Understanding the Construction Industry’s Labor Shortage Problem
As Orlando construction lawyers and construction industry professionals, we are aware that few industries have experienced a labor shortage as significant as the one that currently exists in the construction industry. According to the Bureau of Labor Statistics and National Association of Home Builders (NAHB), there are currently well over 100,000 vacant construction positions nationwide. Without experienced and qualified applicants to fill many of these highly-skilled positions, construction industry employers are left searching for a difficult answer to this growing problem.
As the labor shortage problem increases, the demand for construction industry projects is only growing. Because of this, many employers are experiencing project delays and in some cases even losing out on potential contracts altogether. Often employers are forced to hire inexperienced applicants increasing their potential safety risks and probability of eventually needing the services of an Orlando construction lawyer.
As contractors continue to search for answers to this dilemma, it is important that construction industry leaders first understand how this issue began before it can be properly fixed.
The Recession Took Away Millions of Jobs
After “the bubble burst” back in 2006, it has been estimated that over the next five years the construction industry lost over two million jobs. Many talented and highly-skilled laborers simply could not find work in the industry forcing them to enter other business fields. Although the demand for highly skilled construction professionals has increased significantly in recent years, many of these workers never returned to the industry having settled into other professions.
Increased Age of Average Workers
The construction industry is largely made of the “baby boomer” generation. Currently, in the State of Florida, the average construction worker’s age ranges from around 43 to 45 years. With many of the most qualified workers retiring, the construction field needs to find valuable replacements; however, the next generation of potential industry leaders is lacking in numbers.
Millennials Generally Have No Interest
Perhaps the greatest issue with the future of the construction industry is in the next generation of potential candidates to employ. Simply put, most millennials do not find the construction field to be an enticing one to enter. Perhaps this is because of the growing desire of most high school graduates to attend a four-year college rather than a trade school. Whatever the reason, there is not enough new blood in the industry.
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.