Construction companies will need to hire 430,000 more workers than they employed in 2020, according to an analysis of U.S. Bureau of Labor Statistics data that the Associated Builders and Contractors (ABC) released.
Additionally, construction spending is expected to improve 1.3 percent this year to $1.45 trillion, according to estimates from Markstein Advisors. Under that scenario, employment demand would increase by 430,000 jobs – up from 7,829,000 in 2020. Still, higher-than-expected growth could boost construction employment demand to nearly 1 million jobs this year, ABC says.
According to ABC, every $1 billion generated in extra construction spending equates to an average of at least 5,700 construction jobs.
“ABC and its contractor members are working tirelessly to recruit, educate and upskill our nation’s future construction workforce, putting our money where our mouth is by investing $1.5 billion annually in workforce development initiatives to equip our craft professionals with durable and transferable skill sets,” says Michael Bellaman, president and CEO at ABC. “Now is the time to consider a career in construction, a vocation that offers competitive wages and ample opportunities to both begin and advance in an industry that builds the places where we work, play, worship, learn and heal.”
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