Semiconductor chip producers must pay their construction workforce prevailing wages and will be “strongly encouraged” to use project labor agreements if they want a piece of the $39 billion available in federal funding to support fabrication plant construction, expansion or modernization projects, U.S. Commerce Secretary Gina Raimondo says. The Commerce Dept. CHIPS Program Office released...READ MORE
The problem with the high demand is not just the large shortage of labor, but a skill shortage, said Anirban Basu, ABC’s chief economist in the release. The struggle to hire and retain workers is especially dire, as the workforce increasingly reaches retirement age. Few younger workers join the workforce, and when they do, they are less experienced and therefore less efficient. READ MORE
Establishing and Developing Next-Gen Construction Leaders While a downturn in economic activity is rarely welcome news in any field, construction may soon have more bandwidth to tackle long-simmering, high-stakes challenges that have plagued the industry for years. A potential slowdown provides an opportune time for every firm to take a hard look at its leadership pipeline. READ MORE
Addressing the Widening Talent Gap in the Construction Workforce There’s a tangible talent and skilled labor gap in the construction industry. And it’s only getting wider to take a hard look at its leadership pipeline. According to an Associated Builders and Contractors press release from early February, the construction industry will need to attract an estimated 546,000 additional workers. READ MORE
Technology is the Key to Overcoming Labor Hurdles The construction industry currently has around 430,000 job openings, with 40% of the U.S. construction workforce poised to retire over the next decade. At the same time, President Joe Biden’s Bipartisan Infrastructure Law (BIL) is set to create hundreds of thousands of new jobs by 2028?READ MORE
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