It is time again for Know How’s monthly Case Study! And, in part 2 of this series we learn tools for equipping today's workforce with the critical knowledge needed to excel by democratizing business structures.
Introducing new monthly case studies powered by KnowHow! In this first study, we learn the eight transformative principles that leaders are using to attract and retain top talent in the restoration industry.
With the national state of emergency regarding Covid-19 potentially coming to an end, we take a snapshot look at how the Restoration and Remediation Industry has navigated thus far.
“It will get worse before it gets better,” said ABC Chief Economist Anirban Basu. “Not only has Russia’s assault on democratic Ukraine created supply challenges in a number of categories, including oil and natural gas, but the reemergence of COVID-19 in parts of Asia and Europe is also poised to produce additional impacts."
Survey respondents in all four regions cited labor and material availability and costs as the factors chipping away at their backlog, while a few respondents in the Midwest cited winter weather as a frustrating factor.
Overall, the industry has recovered virtually all (99.0%) of the jobs lost during earlier stages of the pandemic. The construction industry added 60,000 jobs on net in February, according to an Associated Builders and Contractors analysis of data by the U.S. Bureau of Labor Statistics.
“Normally, one would look at headline numbers indicating that construction investment rose in America as a reason to cheer,” said ABC Chief Economist Anirban Basu. “But the construction spending data are not adjusted for inflation, and in real terms, construction spending was likely down for the month. Total construction spending is up more than 8% from last year, but materials prices are up approximately 24% over that span."
The construction industry will need to attract nearly 650,000 additional workers on top of the normal pace of hiring in 2022 to meet the demand for labor, according to a model developed by Associated Builders and Contractors.
On Demand This webinar unveils the Restoration & Remediation report, R&R 360! Discover key industry trends and gain valuable insights to drive your business forward. We've also included insights from homeowners, providing a comprehensive view of the market landscape.