Construction employment sinks to 24-year low
AI Article Summary
Construction employment in the industry has plummeted to its lowest level since 2000, with the workforce decreasing by 1.3% in the third quarter, now totaling 2.05 million. This represents a 15% capacity reduction since the pre-Covid peak, equating to a loss of 367,000 jobs. Factors like a housing downturn, weak commercial work, and increased employer costs are affecting recruitment. Economists are concerned about the permanent loss of skills if low employment levels persist.
What This Means for Canadian Contractors
This situation highlights the importance of adaptable labor strategies, emphasizing modular and offsite construction to mitigate skill shortages. For Canadian builders, this means considering investment in workforce training and cross-border recruitment strategies to address similar challenges. The decline in self-employment and potential shifts in labor dynamics could affect cost and project timelines significantly.
