Risch Results and Bold Entity sponsored the "Construction Workforce Development Roundtable Series," covering 2024 hiring trends and forecasts

Labor IQ's Chief Economist provided industry trends for construction professionals

DALLAS - March 14, 2024 - PRLog -- Risch Results, Bold Entity, and the Plano Chamber of Commerce recently sponsored the "Construction Workforce Development Roundtable Series" with Mallory Vachon, Ph.D., Labor IQ Chief Economist, to speak about construction hiring trends and forecasts for wages in 2024 on March 7, 2024, with Armanino as host.

"There has been a shift in the balance of power between employers and employees that's been driven by the talent shortage," said Vachon in a SHRM article. "Demographic trends mean this balance of power is unlikely to revert to what we saw before the pandemic anytime soon."

Industry professionals from the Dallas-Fort Worth area discussed topics surrounding the current construction industry challenges and how organizations should address their recruiting issues.

Vachon opened the discussion by introducing her insights on hiring trends and wage forecasts in the construction industry.

Here are the top three insights to expect in 2024:

• The information industry, including tech and entertainment, was the only major industry to lose jobs in the last 12 months, with -1.1% growth. A broad range of industries add jobs on an absolute and relative basis. But as the labor market cools, more industries are losing momentum on the pace of job gains.
• One of every six individuals in the country is 65 or older. Unfortunately, the number of people under 18 is insufficient to fill the talent pipeline and replace the aging workforce. This demographic shift is expected to significantly impact industry growth, particularly in the Texas construction industry, where the average age of a licensed plumber is 58. As a result, new approaches for attracting and retaining talent will need to be developed.
• 20% of people will quit their jobs this year for various reasons. With an expected wage increase of 3.5%, companies must be intentional about compensation. Companies paying below the market rate will still be at risk of losing employees, as the job market will remain competitive as talent shortages persist.