Construction Accounting and Taxation published the latest article by Construction Leader Joseph Natarelli and Chief Construction Economist Anirban Basu on the impact of banking instability on construction and commercial real estate
Construction Accounting and Taxation
At the heart of what troubles those who operate construction firms in the United States is a lack of skilled workers. By now, the story is well known. A combination of cultural shifts, the deemphasis of vocational instruction in high school, the prevalence of remote and gig work, the departure of construction workers to other industries like energy production and logistics, and elevated levels of retirement among skilled construction workers have produced massive human capital shortfalls. This has occurred just as the United States strives to rebuild its industrial base (e.g., computer chip manufacturing plants, electric vehicle production) while replenishing its infrastructure.