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With red-hot demand for residential construction nationwide, many builders are struggling to find the professionals they need to keep up. One recent forecast from a national trade association estimated that an additional 430,000 construction professionals will be needed in the industry this year, plus an additional 375,000 in 2022. Many employers are reporting particular difficulty finding enough workers who can fill roles that require more specialized skills or knowledge.
All of this is good news for many experienced construction professionals or those who are considering entering the profession. Workers with the requisite experience or training can command higher wages or other benefits since their skills are in high demand. Those looking to make a career switch can currently find ample opportunity for entry-level jobs in construction that pay better than other roles with similar educational requirements.
Spending on construction gives a sense of how much potential there is in the industry. Construction spending fell to an annual rate of $758 billion in February 2011 during the aftermath of the Great Recession, but over the decade since, construction spending has grown by more than 95%, surpassing $1.5 trillion in June 2021. The demand for residential construction that has become apparent during the COVID-19 pandemic is likely to push these figures even higher, which will only increase the need for construction jobs.