That optimistic forecast portends a few challenging trends that are increasingly of concern to contractors and owners alike, according to the newly released FMI 2005-2006 U.S. Markets Construction Overview.
One of the top concerns is the need to find talented employees. Labor shortages continue to grow across the job spectrum for construction industry firms. According to FMI, while some of the demands for new employees have been filled by non-traditional sources, including women and the Hispanic community, those sources will be insufficient to fill the positions that become vacant as Baby Boomers retire. The construction industry must rise to the occasion and take a hard look at its recruiting and training programs or be left scrambling to find enough workers to meet the demands of a growth market.
Growth can bring as many challenges to the industry as declining markets, including rising prices for materials, possible spot shortages in some markets, and lower profits, even as backlogs are growing. Overall industry growth does not mean that the growth will be even in all markets. The Overview details trends for industry sectors and regional U.S. markets. To learn more about the new FMI 2005-2006 U. S. Markets Construction Overview, go to FMI.
