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US construction industry needs 740,000 new workers annually for 3 years

Posted on March 28, 2022   |  

  • Home-building activity has increased in the past 2 years as low mortgage interest rates and a rise in remote work have caused home-buying demand.
  • However, builders have struggled to produce homes quickly due to a shortage of construction workers and tradespeople, supply-chain problems, volatile material costs, and a limited supply of ready-to-build land. 
  • The construction industry needs 740,000 new workers annually for 3 years for the coming retirements and increased demand.
  • There were 380,000 job openings in the construction sector as of January, which is higher than 299,000 jobs of 2021.