The shortage of qualified workers extends project timelines and draws out job completion, leading to dissatisfied clients. And the longer it takes to complete one project, the longer it takes to start the next. To facilitate growth, many construction companies have developed in-house training and apprenticeship programs to nurture younger workers.
The effects of COVID-19 also took a significant toll on the construction industry. Nearly one million construction workers were let go or laid off during the first few months of the pandemic. In fact, the number of layoffs in April 2020 was more than four times that of pre-COVID-19 levels. However, the Bureau of Labor Statistics predicts that 1.6 million new construction jobs will be added through 2022. Nonresidential construction spending is also predicted to grow by 27% in that same period.