People Are the Construction Industry’s Greatest Treasure
This past year has been a tough one for U.S. construction, with the value of new project starts down by a quarter from 2008 and industry unemployment standing at 19.4%. Still, that amounts to $419 billion in starts, and nearly six million people working on meaningful projects. Many more will be needed soon. All recessions eventually end, and when this one does, the industry must once again struggle with the issue of how to attract people into construction and keep them there in rewarding careers.
Some people may say this is a silly thing to contemplate when so many people are sitting on the bench without work. But the economy and workforce issues are about to explode in just a few years, probably by the end of 2011, when business is expected to rebound. By then, millions of baby boomers will be retiring, taking with them a lifetime of craft, management, administrative and professional skills. At the same time, demographics point to a big surge in construction, partly driven by pent-up demand and partly by new household formation.