The construction industry is one of the oldest and seemingly most stable markets in the world. In fact, when you examine history, it’s clearly seen that humans began building structures from the earliest of ages to protect themselves against predators, the elements, and to control interior climate.
Today, the construction industry has so many tools at its disposal that it can easily plan and complete skyscrapers and other buildings of significant magnitude … but is there a problem on the horizon?
Even with all of the technological advances in equipment and know-how within the construction industry, it seems that there may be a shortage on qualified construction workers looming.
Housing Bubble and Its Ripple Effect
For decades, up until around 2008, construction worker hiring was at an all-time high. Developers and real estate professionals were putting up and selling structures left and right, and it wasn’t difficult to find the right employees to get jobs done. On top of that, construction professionals also had lucrative incentives to keep their options open when looking for work.
Unfortunately, when the housing bubble began to burst, so did the hopes and dreams of so many in the construction industry. What once seemed to be a sure bet now seemed like an impossible gamble.
Where Do Things Stand Today?
The economy remains in flux, and while politicians continue to espouse various policy views, there are many construction workers who are either unemployed, underemployed, or who have given up searching for work altogether.
With each uptick in the construction trade there is another downtick, leaving many in the industry weary of taking on new employees or bidding on new projects.
However, with this stated, in the article “Construction Industry Officials Warn of Growing Worker Shortage“, it’s pointed out that owners of construction companies can get ahead of the curve by providing workers and new hires with continuing education benefits.
In doing so, such employers will have a workforce that is more skilled, and therefore, able to tackle additional tasks.
Future of Construction in America
There’s absolutely no doubt that the construction industry will continue to be a necessity in America and around the globe. As mentioned earlier, man has been building structure for one reason or another since the dawn of time.
The key here is to identify the best markets in which to build. Rural areas have often been thought of as poor targets, but if you’re a savvy construction company owner, take a look at semi-rural areas that are ripe for development shortly outside of metro areas.
In doing this, you will have the advantages of reaching out to skilled laborers in rural areas while getting ahead of the curve when it comes to building homes, apartments, condos, and commercial spaces that will soon be needed as the metro area spreads.
About the Author: Andrew Rusnak is an author who writes on topics that include construction business development and real estate.