Hardware Retailing The Industry's Source for Insights and Information
According to estimates from the National Association of Home Builders (NAHB), the U.S. has a structural housing deficit of 1.2 million units. Among the various challenges facing builders, the industry is also facing a shortage of workers in construction trades, which is responsible for around $11 billion per year in higher costs and lost construction, according to the NAHB.
Interest in construction trades is gaining traction among young adults, but the industry still faces a long road to build a steady workforce pipeline.
New data from the NAHB shows 6% of adults ages 18 to 25 plan to pursue a career in the construction trades, up from 3% in 2016. While that share has doubled over the past decade, it remains well below more traditional career paths like medical, business and technology fields.
Around 35% of young adults report that they haven’t chosen a career path, indicating a key opportunity for growth in the construction industry workforce.
In a positive development for the homebuilding industry, the share interested in a career in the construction trades doubled from 3% to 6% during this period. The two most important benefits they see in a career in the trades are good pay (73%) and the ability to obtain useful skills (65%).
Results further show that of all the young adults who are undecided about a field of work, 51% would be reluctant to consider a career in the trades, regardless of pay, down from 63% in 2016.
A final question asked the group most reluctant to consider a career in the trades if any compensation level might make them reconsider, and 48% once again affirmed they would not accept a career in the trades at any level of compensation.
