The labor shortage has been an ongoing topic and concern throughout the construction industry. The Bureau of Labor Statistics and Associated General Contractors of America reported Friday that the construction industry has lost 15,000 jobs in May all the while construction employment was at 6,645,000. This was noticeably higher than the on average 6.55M people employed over the last 12 months.
The AGC notes that May’s dramatic loss in employment signals that the tight labor conditions could finally be “reaching the point where they undermine the sector’s growth.” They go on to say that rising industry pay and plunging unemployment suggest contractors would be hiring more workers if they were available.
Although the industry lost so many jobs last month, year-over-year employment totals were 3.4% higher than May 2015. Construction’s average hourly earnings rose 2.6% to $28.04 in May — nearly 10% higher than the average.
AGC Chief Economist Ken Simonson noted that overall employment in construction is strong and that average pay is significantly higher than the overall private sector signal that contractors “have plenty of work but are struggling to find qualified workers to hire.”
This industry labor shortage has left companies to expand their marketing horizons and adapt to new technology. Subease suggests construction employers take the time to tell their story and exactly why someone should work with their company. Expand marketing initiatives through enticing video campaigns and social media outreach to excite people again about all that the construction industry has to offer.
As a whole, we need to continue to find ways to engage and retain individuals to build their best careers. If you or someone you know is looking for a way to connect and advance within the construction industry have them join us at Subease.