By: Xinyao Wang and Dan Pomfrett
Abstract
According to the Bureau of Labor Statistics, of the 9.2 million unfilled jobs in the economy, nearly 300,000 belong to the construction sector. We expect this labor shortage to rise in the coming quarters, leading to further wage escalation through 2022. In this white paper, the Cumming Insights team draws from its ongoing economic research to examine current trends in the construction labor market and what we can expect going forward.