While the overall labor market is slowing and demand for construction labor has softened, the skilled labor shortage remains a significant challenge for the industry. The demand for construction will reaccelerate in the long-run as single-family construction and remodeling activity pick up and the need for additional workers will become more pronounced.
As part of the Fall 2024 Home Builders Institute (HBI) Construction Labor Market Report, the HBI highlights the state of the current labor shortage, shifts in demographics in the construction industry, and how labor productivity growth is essential to both economic gains and wage growth.
The report includes high-level findings, data, trends, and demand projections for construction labor:
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