Recent research reveals that the construction industry is encountering a significant staffing shortage across the country. As construction workers are aging and fewer prospects are taking up the profession, construction staffing shortages continue to be a problem that’s only becoming worse.
Industry experts believe that finding skilled laborers, carpenters and equipment operators is vital for alleviating this problem, since the demand for new construction projects is expected to increase in the near future. Nevertheless, there are several factors impacting the staffing shortage. Aside from the retiring baby boomer generation, there are fewer amounts of students pursuing careers in construction. Additionally, many construction workers are looking in other fields for opportunities, such as manufacturing.
Furthermore, ever since the economic downfall in 2008, there has been a lack of hiring in the construction industry, due to fears instilled by the recession. During this economic crisis, several contractors were forced to lay off workers and minimize staff because there wasn’t any work available. As a result, contractors are still wary when it comes to hiring new employees.
The recession also influenced overall attrition rates in the construction industry. Currently, the field is suffering a shortage of about 2.1 million workers. Additionally, with an aging workforce heading towards retirement, the need for more workers in the industry continues to grow.
On a positive note, economic forecasts have revealed promising news for the construction industry. Projections made for the end of the first quarter of 2014 show that the construction market will turn around for the better. As a result of continuous economic recovery efforts, the construction industry will likely benefit, since more projects will become available as companies request new buildings or expansions of existing structures.
As staffing shortages continue to impact the industry, construction companies must strive to keep up with financial obligations in order to retain talent. Construction factoring services can help your company take on additional business by accelerating your cash flow. With subsequent funding available within 24 hours, construction companies can focus on making payroll on time, every time. Request a free factoring quote online today, and unleash your power to survive and thrive.