The construction industry is facing a significant workforce challenge as it aims to attract an estimated 546,000 additional workers in 2023 to meet the growing demand, according to a model developed by Associated Builders and Contractors (ABC). With over 390,000 job openings per month in 2022, the industry unemployment rate was the second-lowest on record. However, the impending retirement of nearly 1 in 4 construction workers older than 55 poses a serious threat. Many of these skilled workers are also the most productive, emphasizing the urgency to address not only a labor shortage but also a skills gap.
ABC President and CEO, Michael Bellaman, highlights the vital role skilled construction professionals play in America's economic and infrastructure initiatives. The shortage persists despite increased interest rates and a moderation in single-family home building. The challenge is two-fold, with robust demand from mega-projects and insufficient younger workers entering skilled trades. Skilled worker numbers, especially in certain occupations like carpentry, have declined, creating an urgent need for recruitment, education, and upskilling efforts.
Adozi is committed to bridging this gap, working with our industry partners to train and upskill workers with next generation training. The construction industry invested $1.6 billion in 2021 to educate 1.3 million course attendees through its network of apprenticeship, craft, safety, and management education programs. As the industry anticipates a need for 342,000 new workers in 2024, the focus on education and upskilling becomes more crucial than ever.
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