Over the past five years, labor shortages have continued to put pressure on the construction industry as employers seek to recruit and retain high-quality talent. According to the Bureau of Labor Statistics, while the overall growth in the labor market for construction is expected to grow around 4% in the next decade, there were still more than 440,000 job openings reported early last year in the industry, the highest in recorded history.

Derek Hoffine, vice president of Hensel Phelps, shares his perspective on these industry challenges. “The demand for construction labor remains strong; most companies would hire more labor if they could find it," Hoffine says. "This remains true even though labor pay rates have increased at a higher pace.”

Reprinted courtesy of Laurie Cure, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.