The next 12 months should bring construction growth following a disappointing August, according to three recently released indexes. Destruction from Hurricanes Irma and Harvey, however, are causing additional uncertainty for the industry.
One of those concerns is how the storms will affect the construction industry’s worker shortage.
“Finding skilled workers will be essential to ensure the Gulf region is able to quickly and efficiently rebuild,” says Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce, which released the Commercial Construction Index on September 18. “Our nation must address our workforce challenges to enable the economy to grow.”
The third-quarter Commercial Construction Index shows that 95 percent of contractors surveyed this summer expect revenues to grow or remain stable over the next 12 months. And 93 percent also expect profits to rise or stay the same over the same period.
But the survey by USG Corp. and the US. Chamber of Commerce also indicated that 60 percent of contractors are having difficulty finding skilled workers. Noting that the survey occurred before the storms devastated parts of Texas and Florida, the U.S. Chamber said it would continue to monitor contractor sentiment concerning the shortage.
Contractors may find some cheer in the recent Architecture Billings Index, which rose in August to 53.7 – up from 51.9 in July.
