The construction industry has faced a labor shortage for decades and it is widely anticipated that the commitment of federal funds for infrastructure will compound the challenge. Some experts predict that ultimately, the demand for work on public building projects could lead to stepped up efforts to recruit and retain an increasingly diverse workforce across the entire industry.
During 2022, increased public spending will intersect with health and safety policies (including vaccines) and efforts to diversify the workforce. This is a trifecta that is likely to keep everyone guessing about the ultimate impact of infrastructure commitments. An analysis in Construction Dive dive points out:
The funds mean more work for civil contractors, which builders and groups have pushed for for years. But the new work will not come without its challenges.The industry, which was already in dire need of workers, will now see an increase in demand for jobs across more work sites. As a result, wages are likely to increase for skilled workers who will have more options, and the demand-supply ratio could worsen.The issue will not just make things harder for civil builders…As some workers move to where the money is, private contractors may see more challenges in staffing job sites.
Adding to the challenges in the industry is location: some workers are choosing to stick closer to home, even when that means less pay. Investing in new recruitment efforts, raising salaries, and offering more professional development are high on the to-do list for builders across the country. Construction Dive reports that some companies are starting to go further: Carla Kugler, president and CEO of ABC New Mexico, says their members are doing more to support workers’ families, especially for those with job sites that keep them away for extended periods of time. From ensuring workers can return home, providing child care and creating family day — where relatives of workers can visit — on jobsites, Kugler said, the industry recognizes the daily sacrifice workers make.
Flexibility. Time savings. Wiggle room. These are what we all seem to want more of these days. That’s why Colonial Surety makes The Partnership Account® available to builders across the country. In addition to giving qualified construction companies a surety line of credit in writing, The Partnership Account® provides construction company owners a wide range of helpful—and free—features and benefits, including:
- Control of bidding and bonding, online and in real time.
- Powers of attorney to seal and issue your own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Real time tracking of bids and work on hand.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
- A private Owner’s Dashboard to view surety lines, adjust work on hand, analyze bids—and drive growth.
Stats to Know: Inching Forward
During the final months of 2021, jobs in construction inched toward pre pandemic norms. Specifically, Construction Dive reports: For most of 2021, jobs were stagnant in construction, according to numbers from the Bureau of Labor Statistics. Construction began the year with roughly 7.4 million jobs, seasonally adjusted, and the last report of the year indicated 7.5 million jobs in November. That’s the closest construction’s employment numbers have been to pre pandemic numbers since March 2020, when the industry employed 7.6 million workers.
Time to pick up the pace? Colonial Surety is here to help. We underwrite construction companies based on the power of their financial statements, giving qualified builders power of attorney to issue their own bid bonds, and more. Let’s think big—and act fast—together. Complete the pre-qualification for your written surety-line of credit and The Partnership Account® services today—and receive, for free, Dun & Bradstreet scores. Pre-Qualify and Get Free Scores Here.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.