An analysis of Bureau of Labor Statistics data by Associated Builders and Contractors (ABC) forecasts construction companies will need to hire 430,000 more workers than they employed in 2021 to meet demand. ABC considered several variables that may affect the U.S. construction spend and employment demand, including inflationary pressure, rising commodity costs, global supply chain concerns, the regulatory and legislative trajectory of the new administration, and the domestic vaccine rollout. The analysis by ABC also highlights changes in hourly earnings in construction, changes in construction spending, and factors contributing to job creation.
ABC: Construction Industry Needs to Hire 430,000 More Craft Professionals in 2021
Forecasts also project construction spending is likely to reach $1.45 trillion in 2021.
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