Labor Shortage Could Be 2022’s Biggest Barrier to Construction Growth

LaborIQ by ThinkWhy forecasts 3.9% expansion in job gains for Construction and Extraction occupations in 2022, but growth could be hindered by limited labor supply. The construction industry experienced big gains in 2021, as consumers took advantage of low interest rates and increased pandemic-related savings to relocate for remote work or upgrade to larger spaces. While commercial construction continued to struggle, residential construction of single- and multifamily homes boosted the industry upward, leading the demand for additional workers, notes the 2022 U.S. Job Market Outlook report from ThinkWhy In 2021, the construction industry added 121,000 jobs overall with gains across all major subsectors:

  • 24,000 added in residential building
  • 15,000 added in nonresidential
  • 10,000 added in heavy civil engineering