White Paper

Construction’s Skilled Labor Shortage Is Building. What Contractors and Their Risk Professionals Need to Know to Get Ahead

A storm is brewing for the construction industry as a skilled-labor shortage lengthens job times and contributes to higher rates of injury. But there are tools that can help you get ahead.

White Paper Summary

A lack of labor in any industry has many implications, from decreases in productivity to increases in workers’ compensation claims. For the construction industry, a labor shortage can contribute to delays in project completion, issues with quality control, increased builder’s risk costs and more.

“Labor is a significant issue in today’s industry,” said David DeSilva, Head of Construction for The Hartford’s Middle & Large Commercial. “Skilled labor shortages hinder the ability of construction companies to uphold the timeliness or contractual requirements with the owner or higher-tiered contractors.”

An Associated Builders and Contractors analysis revealed the construction industry will need more than half a million workers above its current pace of hiring in order to meet demand. That would mean, the report estimated, an additional 650,000 workers.

To learn more about The Hartford, please visit their website.

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity.

More from Risk & Insurance