The majority of contractors intend to increase staffing levels over the next six months, according to Basu, so “labor shortages will remain a stiff headwind for the industry,” he said.
Consumer spending has begun to show signs of weakness, Basu said, but the demand for labor remains high. In the broader economy, job openings remained about 57% above pre-pandemic levels.
“The implication here is that contractors, who have been facing labor shortages for several years, must now compete with other industries for workers,” Basu said.
