Commercial Construction Recovery Stalls as Contractors Struggle to Find Workers and Materials
91% of contractors report high difficulty finding skilled workers, and a record-high 95% are facing at least one product shortage
WASHINGTON, D.C. -- Rising costs, skilled labor shortages and lack of materials continue to create challenges for the construction industry, sending the U.S. Chamber of Commerce Commercial Construction Index (Index) down one point this quarter to 65. Contractors’ revenue expectations, a key driver of the overall Index score, fell for the first time since the start of the pandemic to 58, down three points from Q3.
“One of the most pressing issue facing our economy today is the worsening worker shortage crisis, and these findings show that construction sector, much like other industries, continues to face this challenge,” said U.S. Chamber of Commerce executive vice president and chief policy officer, Neil Bradley.