Labor Shortage: Good for Union Construction Companies?

Projects, projects everywhere, but not a worker in SITE! 👷‍♂️The Great Resignation is taking a toll on every industry under the sun, even construction. 

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However, a new study shows that union-backed talent is helping to soften the blow. In fact, unions are making out pretty well when it comes to retaining employees, whose benefits, training programs, and hourly rates are looking mighty fine compared to the average Joe contractor. 💸

Here’s Five Fast Facts on the labor shortage and union construction firms:

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1. ❓ MIA - According to Associated Builders and Contractors, there's an estimated construction worker shortage to the tune of 500,000 in 2022. Where did they go? Anyone else wonder about these crazy stats?
2. 🥳 Doin' Just Fine - Union construction firms are 16% less likely to have a hard time filling open positions, 13% less likely to fail in retaining skilled labor and 21% less likely to report project delays due to a worker shortage.
3. 💰 All About The Benjamins - The study revealed that union construction workers earned 42% higher wages. They were also 34% more likely to have private health insurance and 6% less likely to live in poverty.
4. 🚧 FOMO - The Bureau of Labor Statistics estimates that 87% of the construction industry does not belong to a union. 
5. ⛓️ Pullin' Our Chain - Contractors everywhere are experiencing major supply chain issues. However, data shows that union contractors are less likely to have project delays due to a lack of skilled workers, which puts more money into contractors' pockets.

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🔥Bottom line: As with any job, there are pros and cons to joining a union. However, the pros are looking prett-ay, prett-ay, prett-ay good. 😎 It's great that our unions seem to be weathering this storm better than non-union pals, but there's still a major shortage to be dealt with. Even though apprenticeships are on the rise and boomers are putting off retirement, we'll have to wait and see how we ultimately close this gap.

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Do you work in construction? Are you part of a union? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!

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