The construction business is shifting.
One need only Google the construction labor shortage to confirm this. For example, a recent report in Reuters featuring data from the National Association of Homebuilders showed that nearly eight years after the housing bust—which drove an estimated 30% of construction workers into new fields—homebuilders across the country are struggling to find workers at all levels of experience.
The association estimates that there are approximately 200,000 unfilled construction jobs in the United States, marking an 81% increase in the last two years!
Kukun found the same to be true in our own analysis of major construction markets across the U.S.
For example, the number of construction jobs in New York State increased from 2011 to 2015, with the number of work permits rising from 98,781 to 129,267 at a value of $137,507,266 to $231,297,337 (up over $93M), respectively.
This is just one of the large markets across the U.S. for construction and the pattern here is indicative of our larger research, showing that as the demand for construction work increases, there is a lack of labor to meet this need.
The big picture is that without enough workers, the supply of residential construction workers trails demand for homes and the shortfall will dampen the overall U.S. economy.
It is imperative that the construction industry works to bring the traditionally offline industry of construction online. If we want to attract Millennials to careers in construction, we have to speak their language!