As the construction industry continues to report a significant boom in demand, firms are struggling to hire enough employees to meet the growing need. While the industry is poised to hire an increasing number of workers, a shortage in qualified candidates has caused companies to start examining their hiring practices.
The Associate Press reported that a number of factors have contributed to the increasing demand for workers, including a large number of current employees leaving their firms due to age, a great deal of projects to complete and a lack of training resources for new hires. The source noted that older workers are leaving companies for retirement, while younger ones venture off to college. This employee exodus not only creates a gap in the required and actual employment numbers, but also leaves firms without knowledgeable mentors to educate future workers.
Ken Simonson, the chief economist for the Associated General Contractors of America, explained that if the firms do not find new people to hire, they may be forced to raise prices for their services.
"Unless there is action soon on these fronts, the construction industry in Colorado and across the country will face worker shortages with increasing frequency," Simonson said. "These shortages have the potential to undermine broader economic growth by needlessly delaying and inflating the cost of construction and development."
Industry officials were optimistic, however, that firms would find solutions to quell their worries.