As larger contracting firms move in to take advantage of the construction boom, the influx “continues to pinch the already narrow labor market,” he adds. “The expectation is that demand for construction projects will only rise in the coming years, with numerous projects underway or in the pipeline to start soon.”

A few of those projects include Meta and Microsoft data centers and the Northrup Grumman Sentinel Ground Based Strategic Deterrent program that is replacing the current Minuteman III missile in the area of F.E. Warren Air Force Base.

“The weakness in this market continues to be all things workforce related—be it a well-trained workforce in the construction trades or the ability to attract talent due to the lack of affordable housing and marketable amenities that are needed to attract outside talent,” Benford adds.