Middle Market Digest: This Week in the South and Mountain Regions

One concern being bandied around the industry is the lack of construction workers. Those in the hospitality industry, such as Ten X, have mentioned it recently and other construction industry experts are sounding alarm bells. Not only did the crash in 2008 cause many workers to turn in their hardhats for more lucrative opportunities in other fields, the energy boom lured even more construction workers away with higher paying jobs in the oil and gas industry. Most of these workers never returned–even after the energy downturn. Another concern is the construction workforce is beginning to age out and the industry is scrambling to attract a younger millennial workforce. According to a study from AGC, the construction industry hasn’t been persuasive with millennials about the appeal of construction jobs and the talent pool is dramatically dwindling. One thing companies know for sure is attracting new talent and retaining the workers currently in place is a must.—Lisa Brown

BY THE NUMBERS

HOUSTON/NATIONAL—Employment in the oil and gas industry appears to have balanced as oil prices have staged a modest rally. In other employment news, hiring in September reaffirmed that job creation is moderating from the elevated levels of the past two years, according to Marcus & Millichap. The downshift to a more tempered pace likely reflects a shortage of qualified workers as unemployment hovers near 5%. Accelerated wage gains offer some evidence that employers are competing vigorously to fill positions, an action that could intensify inflation pressures in the coming year. The addition of 156,000 jobs last month fell somewhat short of expectations, although a broad range of industries expanded payrolls. Healthcare providers contributed 22,000 positions to the total and have created 3.9 million positions during the past 10 years. The enrollment of new workers in employee-sponsored coverage and an aging population will generate new positions in the near term, generating demand for medical office space.