If the forecasts are to be believed, the construction sector needs to hang in there for the first half of the year; then, things will begin to pick up again. Those remaining in the industry after June are likely to have work. It will be important for managers to retain their tradesmen rather than lay them off during the slow time and lose them to competitors and other industries.

Approximately 80% of construction companies are having difficulty filling some or all of their open positions, according to the 2023 Construction Outlook National Survey. Roughly 25% more workers are needed to fill these positions to keep pace with the industry.

Lost Employees

More interested in preserving what remains of their health, the boomer generation is leaving the workforce. 3% of the workforce left during the pandemic. In less than ten years, an additional 25% will have reached the retirement age of 62.

The younger generations are not as drawn to construction trade jobs as they were in the past. Even higher pay rates have not induced them to try. Some employers are willing to train, but few employees are willing to work for it.

Encouragement for young people to go into the trades is also lacking. American attitudes have yet to equate college education with accredited trade work. Construction is not viewed as a viable choice. The construction sector can be inconsistent and can also endanger health and careers from on-the-job injuries, accidents or exposure to toxins, cutting promising careers short.

Create a New Image

Women are entering the field in numbers, filling the gaps. A recent report claims a 50% increase in women taking up construction jobs in the past ten years. This is encouraged by a smaller difference in pay between men and women in the construction sector. In addition, some companies are reportedly offering parental leave and other fundamental changes to encourage women to take the leap.

The construction trades need to make a bigger effort to attract employees to replace those leaving the field. The trades today require more technical skills; gone are the days of sheer grunt work. The construction sector needs a new image.

Financing Opportunities

MidPoint Equipment Finance offers business loans, lines of credit, invoice factoring, sales leaseback and equipment financing to help your construction business weather the economic storms and grow in the boom times. Check out the financing opportunities available for your business with MidPoint Equipment Finance, and get in touch.