Did you know that in the construction industry the recent challenges have been finding skilled workers? In the second half of 2022, we may see a long-term problem as inflation increases, federal spending, an aging workforce, and shortages can increase costs, wages, and the overall price of buildings.
After the great recession, the share of construction workers that are between the ages of 25-52 dropped by 8%. And 20% percent of workers are 55 and older, and 61 is the retirement age. Therefore, a fifth of the industry is at risk of leaving within the next six years. Construction costs are increasing and this is due to material shortages and construction input prices are up 21.4%.