""The silent army, as we normally call them, because they are hidden, invariably, behind the scenes, has been getting harder and harder not only to find, but retain in the industry," Paul Morgan, JLL's global COO of real estate management services, stated."
""You've got this impending retirement wave that has really been driving the industry a long period of time, and a lack of new entrants," Morgan added, highlighting the challenges faced by the skilled trades."
"More than 1 in 5 construction workers are currently older than 55, and as of May 2023, about 39% of electricians were 45 years old or older, indicating an aging workforce."
"The supply-demand imbalance has hit crisis territory, with nearly 600,000 jobs posted for major skilled trades positions last year, while only about 150,000 new workers entered the labor pool."
The U.S. is experiencing a significant shortage of skilled trades workers, with an estimated 2.1 million jobs unfilled by 2030. This shortage could lead to economic losses of $1 trillion annually. The aging workforce is a major factor, as many tradespeople are nearing retirement age. The supply-demand imbalance is severe, with nearly 600,000 skilled trades jobs posted last year, but only about 150,000 new workers entering through apprenticeship programs. Facilities management is particularly affected, with a high percentage of managers over 55 years old.
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