The good news is that construction is in a rebound after declines due to the recession. But, according to the Bureau of Labor and Statistics, the industry is experiencing some growing pains - filling job vacancies caused by factors such as workers leaving during the recession, an aging workforce, and no established pipeline of skilled workers.
Jobs in construction are predicted to keep pace with careers in healthcare as some of the fastest-growing fields between now and 2022—a terrific opportunity for workers in the construction field that will have owners looking for ways to offset inevitable increases in labor costs as they scramble to fill their crews.
Construction is on the rise as a whole. The Bureau of Labor and Statistics expects the construction industry to add 1.6 million jobs by 2022. The strong growth in commercial, industrial, and institutional construction has helped decrease unemployment within that segment to 8.2%, the lowest it's been in 6 years. New initiatives, such as green construction, are not only helping to fuel the construction boom, but also creating new opportunities and pathways into the industry.
Recent increases in construction, however, are creating a workforce vacuum that businesses are hard-pressed to combat. A recent survey of 1,358 members of the Associated General Contractors of America (AGC) revealed that 86% are having difficulty filling hourly and salaried positions, and another 79% are having difficulty finding hourly craft positions. Additionally, 52% of firms reported having a hard time filling professional positions, with project managers/supervisors, estimators, and engineers being the most sought after.
What does a labor shortage mean for the industry? In short, it means increased costs. According to the AGC survey, 56% of of firms increased their base hourly pay to retain qualified personnel. The US Labor Department reports that the average hourly earning for construction workers is up 2.6% compared to 2.1% for all other US workers, with even better numbers for in-demand specialists. Employees are switching jobs for better pay, benefits, or working conditions with a competitor. Given the current labor climate, companies are not only going to be in competition for work, but also for workers.
How We Can Help. With labor costs on the rise, construction businesses need to create an edge in other areas to maintain their bottom line. We pride ourselves on bringing customers the high-performing, reliable construction tires they demand, while providing a lower total cost of ownership (TCO) than our big name competitors. We can help you offset the increased cost of labor by giving you quality long lasting tires that increase efficiency and productivity, while lowering fuel consumption and cost of replacement. Simply put, we can save you some money in the short and long run.
We want our construction tires to be like the perfect worker—in high demand. We build our tires to be hard-working, reliable, and able to get the job done. Better still, we are constantly working to deliver you a superior tire, at a superior price, with a low total cost of ownership to make what our customers do more profitable.