2017 FMI/BIMForum Prefabrication Survey
The construction industry is back on track since the Great Recession, and total construction employment has rebounded to almost 6.7 million workers (still a far cry from its peak of 8 million workers in 2006). “Construction spending in November 2016 hit a 10-year high, with one-month and year-over-year increases in all major segments,” says Ken Simonson, chief economist at Associated General Contractors of America. “Looking ahead, contractors say they expect more work in every category in 2017 than in 2016.”
However, despite being about 16% below its 2006 employment peak, the industry is still struggling to find qualified labor. Compounding these statistics, baby boomers are reaching retirement age at a rate of 10,000 per day, while fewer, less experienced workers are moving into the engineering and construction industry. In short, labor has become a key constraint for contractors that want to take on and complete more work.
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