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The Shortage of Available Labor
The labor market is currently experiencing unprecedented challenges, with a shortage of skilled workers hampering businesses' efforts to fill open positions across various industries. A recent survey by the Associated General Contractors of America (AGC) and Autodesk highlights the severity of this issue. The survey found that a staggering 85% of the 1,400 contractors who responded had open craft positions, and 88% of them reported having a "hard time" filling these positions. According to an October 2022 Harvard Business Review article, while 90% of businesses feared they were facing future skills gaps, only 16% thought they were in a position to fill them.
The most significant obstacle cited by employers is the lack of qualified candidates, affecting a shocking 68% of firms struggling to fill openings. This situation is exacerbated by supply chain disruptions, which have made it challenging to get materials on time and have driven up material costs. As a result, 61% of the surveyed firms reported experiencing project delays due to worker shortages.
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