Staffing crunch meaning12/20/2023 Our latest research shows that labor strains are expected to manifest differently across US states, sectors, and occupations, arguing for a comprehensive strategy filled with solutions that can scale to address this wave of labor demand. In short, a labor shortage may affect much more than just the construction sector-it could have far-reaching economic ramifications.Ĭlosing the widening gap between labor demand and supply is critical. 2 Garo Hovnanian, Ryan Luby, and Shannon Peloquin, “ Bridging the labor mismatch in US construction,” McKinsey, March 28, 2022. Because each project relies on a chain of companies spanning engineering, materials fabrication, distribution, freight, and construction, any shortage of materials or labor at any point along the chain may cause delays, drive up costs, and result in projects being scaled back or scrapped. The BIL is poised to escalate labor demand, starting with outlays flowing to states, agencies, and authorities to fund portfolios of projects. The answer to this question is critical, and not just for the construction sector. This prompts the question: Who will fill the hundreds of thousands of additional jobs we estimate the Bipartisan Infrastructure Law (BIL) will create each year (peaking above 300,000 in 20) across the construction value chain in the next decade? 1 “ The US Bipartisan Infrastructure Law: Breaking it down,” McKinsey, November 12, 2021. In April, the US construction industry had roughly 440,000 job openings, and the US manufacturing industry had more than one million-the highest levels recorded since industry-level jobs data were first collected. The United States has a construction labor shortage that will likely get worse.
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