Surety Bond Professionals is a family-owned and operated bonding agency with over 75 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. The Construction Labor Crunch The U.S. construction industry is experiencing a significant labor shortage, affecting a wide range of roles within the industry, from skilled tradespeople to managerial positions. According to the Bureau of Labor Statistics, as of Q3 2023, there were approximately 375,000 unfilled positions in the construction sector, with about 5.5% of job openings unfilled. Industry surveys conducted in 2023 found that the vast majority of contractors (85%, according to the Associated General Contractors of America) were finding it difficult to fill hourly skilled labor positions. And the Home Builders Institute reported that 55% of builders surveyed were experiencing project delays due to labor shortages. Skilled trade workers—carpenters, electricians, plumbers, pipefitters, welders, masons, and concrete workers—are in the shortest supply. Even unskilled positions are hard to fill, impacting basic construction tasks and overall project efficiency. Multiple factors are contributing to the labor shortage in construction, such as: Baby Boomer retirements Decline in vocational training Lack of interest among...
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