National Construction Leader Joseph Natarelli and Chief Construction Economist Anirban Basu authored an article on the construction labor shortage amid the era of the megaproject for the March/April issue of Construction Accounting and Taxation.
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. 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.