INSIGHTS

Why a Shrinking Pool of Skilled Tradesmen Could Hit Your Pockets Hard

When it comes to economics, the supply and demand principle rules the world. With a smaller number of skilled tradesmen entering the workforce each year, the cost of construction services is inevitably expected to increase. In fact, according to educational consultants at EAB, for every five tradesmen that retire, only one new tradesperson enters to replace them. Since the 2008 recession, the number of construction contractors that experienced prolonged lay-offs skyrocketed. But, since then, as the economy has rebounded and more construction investments are being made around the country, the demand for skilled labor has grown exponentially. Yet, even in a time when stores are expanding and new construction is growing, the applicant pool for skilled trade positions continues to shrink.

But, why is this happening and what could this mean for your business?

The growing shortage of skilled labor is most likely due to:

Limited access to specialized schools. As the number of workers entering into the construction industry has taken a nosedive over the past 10 years, the number of spaces available in trade schools has also dwindled. This makes it harder for willing students to get into school and get the specialized training they need to break into the industry. And, with trade schools geographically spread out, it can be hard for an aspiring tradesperson to find the right schooling close to their home. Since many trade schools may pay a low wage to students as they complete their training, more and more adults are opting out of the lengthy training process for more immediate, and lower skilled employment opportunities.

Loss of interest for young adults. Historically, trade schools have lost their popularity. High school counselors who once would advocate for entering a trade are now pushing seniors to explore college options first. With technology taking over our everyday lives, working with one’s hands is not as valued as it once was and many workers don’t consider the industry as a viable career path.

But, what does this translate in for you, when you need specialized construction services?

For most building owners this has already translated into higher construction costs for remodeling, build out, or new construction projects. Higher construction costs mean more money must be invested to get your building in shape to start attracting customers and making sales. When skilled labor is hard to come by, construction vendors can increase their prices (without bound) because of the demand for their services. With the number of construction projects on the rise and fewer qualified and experienced contractors to handle the workload, this often means that one team may be working on 3-5 projects simultaneously. This “overworked” phenomenon can likely introduce extended delays in getting work done and could also manifest itself into shoddy workmanship, as contractors cut corners trying to juggle work.

This is why, now more than ever, partnering with a reputable construction vendor that takes great pride in their work and provides exceptional customer service is key. At The Beam Team, we don’t cut corners – ever! We ensure that our construction teams are expertly managed, pay attention to detail, and work efficiently to get the job done right – the first time – guaranteed.

Have you been putting off a construction project because you couldn’t find a qualified contractor? Then contact the award-winning upgrade, remodeling, and new construction experts at The Beam Team. We’d be happy to discuss your new project specs and provide you with a no-strings-attached quote. Give us a call today at (844) 232-6832.