A new analysis from Associated Builders and Contractors (ABC) says the construction industry will need an additional 546K workers to meet demand in 2023—in addition to the industry's normal pace of hiring.
The trade group also is projecting that the industry will need to hire an additional 324K new workers in 2024, a projection that factors in a slowdown in construction spending.
Rising interest rates have made it difficult for CRE developers to start new construction, slowing the pace of projects, despite a nationwide push to build new residential units to address the housing crisis. However, a flood of new federal spending on infrastructure, renewable energy and semiconductor chip fabs is driving demand for construction workers.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
