The U.S. construction industry has seen a surge in demand in recent years.
The intense real estate market of the last several years has highlighted the shortage of housing stock in the United States. Between 2020 and 2022, total private construction spending grew rapidly, driven by record levels of new housing starts . In April 2022, housing starts reached their highest levels in more than 15 years before declining to pre-pandemic levels due to rising mortgage rates. But just as private construction activity plateaued, funds for public construction projects became available—notably through the Bipartisan Infrastructure Law —boosting public sector construction spending .
Amidst heightened demand, construction companies have struggled to find sufficient labor. The Associated Builders and Contractors, an industry trade association, estimated a shortage of more than 500,000 workers . The Bureau of Labor Statistics reported 295,000 openings for construction jobs as of June 2024…