Construction firms like Anchor Construction, which specialises in restoring old bridges and roads in the nation’s capital, are expected to benefit from the infrastructure package that Vice President Biden wants to get passed by Congress.
However, with baby boomers retiring from the workforce and not enough young people to take their places, John M. Irvine, a senior vice president of Anchor, is concerned that there will not be enough employees to recruit for all of the new construction projects.
Although Vice President Biden believes that the $1 trillion infrastructure plan would result in millions of jobs being created, academics and economists argue that since the nation is experiencing a serious lack of qualified employees, businesses must reduce all of their workforces. It may be challenging to fill open positions.
Construction, transportation, and energy sectors, all of which are essential to the operation of the country’s public construction infrastructure, may benefit from the law, which could result in new employment. According to S&P Global Ratings, the measure will increase productivity and economic growth, resulting in an increase of $1.4 trillion in the US economy over the next eight years. However, if there is insufficient labour to satisfy demand, attempts to improve the country’s roads, bridges, and public transportation systems may be rendered ineffective.
88 percent of commercial construction contractors reported moderate-to-high difficulties in obtaining competent employees, and more than a third were forced to reject down business due to a lack of qualified personnel, according to the results of a recent study by the United States Chamber of Commerce. Until 2025, the construction sector may be facing a shortfall of at least two million employees, according to an estimate by Construction Industry Resources, a data company based in Kentucky.
As a result of the pandemic, labour shortages have been exacerbated in industries like as construction, which has seen an increase in house projects as more individuals telework and relocate to the suburbs. Contractors have also been confronted with a shortage of supply as the price of commodities such as timber and steel has risen.