As we covered in part one, the construction industry is currently reaping the benefits of a record low unemployment rate. However, these numbers may be hiding an uncomfortable truth: workers and construction firms are still struggling. Below, a Colorado Springs construction law attorney at Cotney Construction Law will be discussing the downsides of an incredibly low unemployment rate.
Appearances Can be Deceiving
While it’s true that the unemployment rate is at a record low, this number doesn’t include workers who have left the workforce or are underemployed. The number of people currently not in the workforce is a staggering 96.2 million. These potential workers are disabled, enrolled in school, retired, or unable to find gainful employment.
In addition, many of the workers that contribute to the low unemployment rate are contract or temporary workers. While the unemployment rate seems indicative of a strong economy, it may only mean that workers are taking up multiple part-time jobs. While these jobs can provide needed financial relief, they are in no way a substitute for a career.
What This Means for Construction Companies
Chances are that you’ve already experienced the benefits and drawbacks of such a strong economy. Your construction firm and services are likely in high demand. As a result, you’ve had to expand your workforce, which in turn has contributed to the lower unemployment rate. However, the same elements that create a low unemployment rate also force construction firms to scramble for skilled labor that is in short supply.
There’s no doubt that the low unemployment rate is something to be celebrated; however, construction firms and workers are both being affected by the negative, unintended consequences of this surge in job opportunities. Workers are working multiple temporary jobs to make a living, while construction firms are struggling to meet labor demands, which leads to unsafe work environments and unrealistic deadlines. In order to recruit skilled laborers, construction firms will have to work overtime to attract and retain emerging workers from colleges and trade schools.
Consult an Expert
An experienced attorney can advise you on the local and federal requirements for a safe work environment and represent you in the unfortunate event that a worker is injured. If you are concerned that labor demands have forced your workforce into a hazardous situation, it’s imperative that you contact an attorney at our Colorado Springs construction law firm.
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.