Rapid developments in Construction such as digitalization are transforming the industry. Driving the need for new skills, these innovations are making professionals with adaptive skills highly attractive. Construction is big business and should be considered an attractive industry to work in – with the number of job openings in Construction far exceeding employees hired according to the Associated General Contractors of America. Even if the housing market slowed a little in the US, the NAHB says long term labor challenges still persist.
The undersupply of housing stock, coupled with a strong banking system, positions the US Construction sector very strongly, despite the industry facing a number of challenges. According to Dodge Construction Network, worker shortages will be the biggest hurdle for the industry to overcome, and talent remains a critical challenge as labour shortages reach crisis levels.
Along with the demand for talent to work on new projects, the US requires significant upgrades to its existing infrastructure. Reports from the American Society of Civil Engineers give the US a D+ rating, indicating a deterioration of roads, bridges, transit, and water systems.
Material prices, which has sometimes limited Construction and crippled supply chains, are predicted to come down, paving the way for more projects to get underway. Dodge Construction Networkvia Equipment World suggests The Producer Price Index, a composite index of construction materials, indicates that material prices and bid price inflation peaked between late 2021 and early 2022.
Sustainability is also transforming Construction. The heavy equipment used means it is essential to find ways to reduce carbon emissions. The use of more sustainable materials and practices, as well as increasing recycling will become more and more important to professionals in the space. The demand for talent and strong growth in the industry presents a lucrative opportunity for Construction Engineers, and highlights the necessity for firms to find the right talent.