Anthony LoPinto

Tuesday morning the Wall Street Journal ran a frontpage article reporting that small firms are hiring employees at thelowest rate in eight years, and it's not because they aren'thiring. “Tiny” companies (defined as twenty employees or less) arestruggling to attract and retain workers in the tightest job marketin over fifty years. The tight job market is also putting pressureon wages because small firms experience a double whammy as biggerfirms can pay more putting even greater pressure on what tinycompanies can afford. 17% of private sector workers, about 21million, work at companies with twenty or fewer employees.

Here is the punch line. A 2017 emerging trends report issued bythe ULI and PWC indicated that in 2015 there were 46,843 firms inthe commercial property building industry, representing 86% of thefirms in the real estate industry, which had twenty or feweremployees. Since the report was issued the situation has becomeeven more dire because the economy continues to expand, andconstruction is outpacing the labor to support it.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.