Labor shortages in the construction sector prompts wage growth for workers as companies consider how to grow the skilled worker pool
In the US, the tight labor market has particularly impacted the construction industry, which has been struggling to attract and retain talent. The Associated Builders and Contractors announced recently that the construction industry needs hundreds of thousands of workers in addition to its normal hiring rates in order to meet the demand of services. The labor shortages and tight labor market have spurred wage growth for workers within the industry and have even caused some companies to rent private jets to fly workers across the country to fulfill operational needs. Additionally, it is possible that this labor squeeze will persist as a large proportion of construction workers are reaching retirement ages and will be exiting the workforce.
See "Labor shortages in the construction sector prompts wage growth for workers as companies consider how to grow the skilled worker pool", Eleanor Pringle, Fortune, March 10, 2023