Unemployment is at a low and while this sounds like great news, it has created issues that are mostly impacting the construction industry. According to the Associated Builders and Contractors, we need approximately 500,000 new construction workers right now. The problem is expected to grow and another 600,000 workers will be needed if the $1 trillion in infrastructure work for building and improvement goes through. All this has costs.
Labor costs are estimated to rise 4 to 5 percent annually as the shortage continues to grow. This is already being felt as many contractors currently report hardships bidding work, due to the unanswered question of where will the workers come from?