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☆ A New Jersey homebuilder who pays his workers over $100,000 wants young people to know construction can be a lucrative career that doesn't require college — and businesses are desperate to hire
  + stars: | 2024-05-11 | by ( Eliza Relman | ) www.businessinsider.com   time to read: +5 min
Bodei's family has been in the construction business for generations, so he'd seen how lucrative it could be to build and renovate upscale single-family homes in affluent suburbs. This story is available exclusively to Business Insider subscribers. Fewer construction workers means less — and slower — residential construction, which in turn leads to higher home prices. Mayra Beltran/Getty ImagesA labor shortage years in the makingThe US has faced a severe shortage of construction workers of all sorts for years. When the financial crisis crushed the housing market in 2008, the construction industry took a massive hit.
Persons: —, Michael Bodei, Bodei, he'd, it's, Sam Laureto, Mayra Beltran, haven't, Ken Simonson, Simonson Organizations: Service, Bodei, Business, Oaks, US, Associated Builders and Contractors, Associated, Contractors of America Locations: Morristown , New Jersey, Houston , Texas, South Florida
☆ A national shortage of construction workers is driving high home prices. The industry is struggling to fill the gap.
  + stars: | 2024-05-01 | by ( Eliza Relman | Madison Hoff | ) www.businessinsider.com   time to read: +8 min
Fewer construction workers means less — and slower — residential construction, which in turn leads to higher home prices, according to a 2023 report from researchers at the University of Utah and the University of Wisconsin-Madison. Builders and infrastructure projects are in desperate need of all kinds of construction workers, but especially skilled tradespeople. Simonson said that allowing more immigrants into the country to fill construction jobs is crucial. Making the industry more appealing to womenBoushey pointed out that the share of women in the overall construction industry has climbed. The construction industry is also at a disadvantage because most workers can't do manual labor until they retire.
Persons: —, Ken Simonson, Kit Dickinson, Dickinson, Ben Brubeck, Maja Rosenquist, Mortenson, we've, Simonson, Brubeck, Rosenquist, Joe Biden, Franklin D, Roosevelt, Heather Boushey, Biden, Boushey, she's Organizations: Service, Associated Builders and Contractors, Business, Associated, Contractors of America, University of Utah, University of Wisconsin - Madison, ADP, —, Builders, Infrastructure Investment, Jobs, Economic Advisers Locations: president's, America
☆ The iconic American hard hat job that has the highest level of open positions ever recorded
  + stars: | 2023-07-29 | by ( Lori Ann Larocco Natalie Rose Goldberg | Lori Ann Larocco | Natalie Rose Goldberg | ) www.cnbc.com   time to read: +6 min
And yet, the industry is currently battling the highest level of unfilled job openings ever recorded. The construction industry averaged more than 390,000 job openings per month in 2022, the highest level on record, while unemployment in the sector of 4.6% was the second lowest on record. "Commercial construction materials prices are now 40% higher than they were back in February 2020. For construction workers, pay is boomingFor workers who seek construction jobs, the timing has never been better. "The construction industry is now paying 80% more than the average non-farm job in the United States."
Persons: Anirban Basu, Maria Davidson, Lori Ann Larocco, Davidson, it's, Michael Elder, Rucha Vankudre, It's, Brian Turmail, Turmail, doesn't, we've, Vankudre Organizations: Associated Builders and Contractors, ABC, MBTA, Boston Globe, General Contractors of America, . Census Locations: U.S, Boston, United States
☆ American small business pessimism on recession, inflation, isn't relenting
  + stars: | 2023-02-09 | by ( Eric Rosenbaum | ) www.cnbc.com   time to read: +10 min
That's according to the CNBC|SurveyMonkey Small Business Survey for the first quarter of 2023. The Q1 survey was conducted from Jan. 23-Jan. 30 among over 2,300 small business owners across the country. "Small business owners have a more difficult time gaining benefits of economies of scale," said Holly Wade, executive director of the NFIB Research Center, whose own recent surveying of small business owners finds persistent pessimism. The new CNBC|SurveyMonkey data finds 75% of small business owners saying they are still facing rising costs of supplies and just over half (51%) supply chain disruptions. Politics is a factor in Main Street outlook Politics plays a role in any small business survey, with a demographic that skews conservative.
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