Wednesday, September 25, 2019

Skilled Worker Shortage Continues to Grow

It’s hard to ignore the fact that rising labor costs, along with a shortage of qualified workers for the home building industry.

Site builders are paying $60,000 a year and higher in cities for electricians, plumbers and other skilled workers and a labor shortage may be coming in the “higher-skill” and higher-paying trades that require more training.

Construction also employs more immigrants than any other profession and nearly half of them come from Ecuador, Mexico, the Dominican Republic, Jamaica or China.

Sixty-one percent of contractors said it was difficult to find skilled workers over the past few months, according to a national quarterly construction survey recently released by U.S. Chamber of Commerce. Employment in construction reached a record of 398,400 workers in 2018, having added 91,600 jobs since 2010.

And because both residential and commercial contractors are doing so much construction right now — roughly $992 billion in 2018 — skilled workers in certain trades are harder to come by and as the number of people employed in certain skilled trades shrinks, those workers will be able to demand better pay.

Observation: The video games industry generated just shy of $135 billion in 2018 and doesn’t have much of a labor shortage, simply because it is growing so fast and young video game players don’t have to go to trade school to learn how to play. Professional gamers can make as much as $4M a year. Video game programmers earn an average of $76,000 a year today.

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