According to a report by Construction Labor Market Analyzer, by next year the burgeoning U.S. construction industry will need about 6.7 million skilled workers which is 50% more than we have in 2015.
The most essential element of maintaining your profit margins is forward planning. Don Macgruder from ProSales: “Most executives lack focus on future margins because they are not prepared to face the harsh reality that they use losing strategies. It is easy to complain about a 19.8% margin on last month’s report; however, it takes effort to develop a winning pricing strategy. Good margins don’t just happen; they require a forward-looking strategic plan.” Here are some strategies that will ensure proper forward planning:
As the construction industry rebounds, construction companies are faced with increasingly problematic labor shortages that have caused delays of up to 30 days on new home builds. During the downturn, many construction professionals moved to other industries to find work which accounts for the current shortages experienced in both the building material manufacturing and construction industries. As construction slowed during the recession, the number of workers decreased from its 2006 high of 3.45 million workers to just under 2 million by March 2011.