CHICAGO—The US unemployment rate now hovers at around 4.5%, the lowest in many years, and the recent construction labor shortage continues to deepen across the nation, according to the latest government report. This workforce has not grown significantly during the last nine months, and researchers see no sign of an increase. Therefore, industry professionals expect wages to increase at a faster rate. Furthermore, they believe many builders will begin using new construction technologies to offset that challenge.
Despite the headwinds, commercial real estate kept expanding in the third quarter, according to a new report from JLL that tracks national construction trends. Construction spending was up 1.9% over 2016 levels and contractor and subcontractor work was also up 1.4%.
“The construction industry remains strong, but the volume of incoming workers has come close to a halt,” says Todd Burns, president, JLL project and development services. “There are new technologies within reach that will improve productivity, enhance worker safety and create higher quality buildings for the future.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
