The U.S. Bureau of Labor Statistics (BLS) reported 423,000 job openings in the construction industry at the end of October 2023. This figure shows the demand for construction talent remains significantly higher than the supply.
Which Factors Are Contributing to the Shortage of Construction Talent?
A range of factors are impacting the lack of construction talent:
- Demographic shifts: Many construction workers are retiring and few workers are replacing them. Also, many immigrants are leaving construction for other industries.
- Industry perceptions: Misconceptions about the construction industry cause younger generations to have little interest in labor-intensive careers. Also, increasing minimum wages in service industry jobs lessen the appeal of working in construction.
- Economic influences: Uncertainties in the market impact hiring decisions in the construction industry. Also, rising labor costs are a main concern for construction companies.
What Are the Impacts of the Construction Talent Shortage?
The lack of skilled talent affects construction companies in adverse ways:
- Construction companies have to implement new technology and raise prices.
- Construction project timelines and budgets increase.
- Elevated operating costs make rising labor costs even less affordable.
How Can a Construction Staffing Agency Help Increase Your Talent Pool?
Partnering with a construction staffing agency can significantly benefit your talent pool:
- Construction staffing agency recruiters thoroughly understand the industry, job market, and related issues.
- The recruiters work with each client to gain a complete understanding of their company, project, job requirements, and other relevant details.
- Construction companies gain access to a vast, deep network of skilled, experienced candidates.
- The construction staffing agency’s candidates are vetted and ready to begin producing.
- Companies can negotiate upfront labor pricing and build the staffing costs into their estimates.
- Companies can request replacements if the workers do not fulfill the job requirements or remain throughout the project duration.
- Construction companies save time and money on hiring, onboarding, training, and retention.
- The construction staffing agency can help companies improve efficiencies and reduce costs throughout each project.
Are You Ready to Start Increasing Your Construction Talent Pool?
Partner with Field Talent for expanded access to pools of qualified construction talent. Reach out to us today.
