Construction Contractors Warn of Labor Shortage as Building Booms
Chicago -- A construction boom in Chicago has brought up concerns about the lack of skilled workers to complete the work.
The construction workforce dropped during the recession, leaving only 75% of the pre-recession workforce. However, project demand is now booming.
"We're out of balance," said Tom Fioretti, east region lead for project and development services at Cushman and Wakefield, where he represents commercial and office tenants.
To lock in skilled craftspeople, contractors are filling job roles months before they used to. They are also adding extra bonuses such as overtime pay. They're advising clients to speed up or postpone jobs to avoid labor crunches.
"Until the demand comes down or we get more labor, we will see higher prices and longer construction schedules," said Fioretti.
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