By Rich Begalla
The construction and home improvement industry has rebounded substantially since the housing crisis of 2009. Median household values that bottomed out in 2012 have risen back to 2007 levels at the peak of the housing market. Consumer Confidence continues to increase through July 2017 from their dismal 2009 levels, which indicates consumers are planning major household purchases and improvements. Consumers in the US see their future economic situation as very positive. These positive indicators have created an increased demand for new construction homes and remodeling.
However, one critical component to the home improvement and construction industry has not returned, the workforce. From skilled labor, marketers and sales people, the construction industry requires more people. The demand for labor in the construction industry began to increase after 2012 as construction activity started to pick up and unemployment began to drop, causing an industry-wide labor shortage.
According to Forbes magazine, this labor shortage appears to have increased construction costs, becoming one of the under-reported factors behind America's rising home sale prices. Roughly 75% of builders had to pay higher wages since 2012 to attract workers back to the industry and builders still have a deficit in the quality and quantity of workers.
There is no better time to pursue a career in construction with the increase in consumer confidence, investment in home remodeling, and high demand for workers. During your search for employment in the construction industry remember that you have leverage while negotiating with your potential future employer. When negotiating your earning’s package, leverage the demand for your skill into a higher compensation structure and benefits package. Allow the construction labor shortage to work for you!