The construction industry has long faced a generational challenge in finding talent. The pandemic exacerbated this by forcing many older workers out of the labor force.

It also, conversely, brought renewed attention to the trades from young people. The trades have increasingly been viewed as a strong career option for many as they also command high wages. With a slowdown in certain markets, active recruitment, and comprehensive training programs in place, we expect this to translate into an increase in construction workers, likely concentrated among trades where shortages were most acute in 2020 and 2021.

Currently, 88% of the construction sector’s workforce is white and 89% is male, according to a 2022 McKinsey report. Attracting more diverse talent as quickly as possible is imperative, and we are seeing companies heavily invest in DEI strategies and attracting talent for underserved communities including from overseas. Recently, officials from the Association of General Contractors called on the government to allow employers to sponsor more foreign-born workers and support increased career and technical education to broaden options for workers to hone construction skills.