The Building BITE: August 2024 Construction Outlook and Annual Workforce Shortage Survey

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome back Chief Economist for the Associated General Contractors of America or AGC, Ken Simonson.
Throughout the episode, Ken dives into AGC’s latest construction outlook report, as well as the 2024 Annual Workforce Shortage Survey. Ken dives into several compelling statistics throughout the episode, leaving our audience with three key takeaways.
1. Job Openings Remain hard to fill: As noted across the board through the AGC Survey, nearly all participants mentioned the challenges they are faced with when it comes to filling jobs with qualified workers.
2. Opportunities Are Coming: Even as others believe the economy may be slowing down, there is reason for optimism. Data Centers and Manufacturing Plants are continuing to pop up at a high clip along with infrastructure projects such as Solar Fields and Battery Plants. The expectation is that these projects will not slow down and if anything, are only gaining momentum.
3. Costs Should Stay Consistent: The market is looking to stabilize and should provide some level of comfort when it comes to project costs. The only outlier in this would be transformers and switch gear, so contractors should plan accordingly to accommodate for those needs specifically.
To learn more about Ken’s latest construction report, listen to our full podcast episode with Ken Simonson.
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