There’s a big problem in the construction industry. Yes, the economy is booming, capital projects are being funded at all-time levels, and governments seem more committed to investing in infrastructure. The problem is that the labor pipeline has slowed to a drip.
Contractors are transitioning from staying afloat to getting more work. They’re eager to grow their business, but are running into walls because they simply can’t find enough experienced people to hire. While the challenge sounds daunting, there is some good news. Yes, it is possible to grow a labor-based business amid a labor crisis, but it’s critical your organization embraces technology and employs robust project cost management software to make that happen.
Before discussing solutions, let’s review how the industry got into this situation. Flash back to the 2008 recession, when a huge number of contractors leaving the business. These were experienced people who had worked in construction their entire careers, but had to move on to something else. Compounding the problem is the attrition left by the construction workers who are now retiring after surviving the economic downturn of 11 years ago.
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