Opportunity for growth amid slowdown in construction spending
Updated: Oct 26, 2022
Construction spending is declining, but it may not be for the reason that you would think.
According to the latest research from the Associated General Contractors of America (AGC), construction spending declined nationally for the second month in a row. And while Wall Street is largely responding to cooling consumer spending and recession fears, in the construction industry, the slowdown is the result of the increased competition for labor – not a lack of projects. Indeed, many firms are turning down work.
So how can construction companies best capitalize on the current environment?
Many construction companies think the solution is simply to increase wages. In fact, hourly wages for construction workers are increasing at the fastest rate in 40 years. And while competitive wages and benefits are important to attracting and retaining talent, to rely on that as your sole strategy for talent acquisition is short-sighted at best, and dangerous for a company at worst.
Partnering with a recruiting firm is a smart strategic decision for companies hoping to grow responsibly under current market conditions.
Time is of the essence: Filling construction jobs quickly
Hiring is always a time-intensive endeavor and construction jobs are notoriously difficult to fill. That becomes even more true when the competition for skilled laborers is so intense. A recruiting company – particularly one that specializes in the construction industry – has the resources to fill positions in a more efficient manner than companies acting on their own. In addition to acquiring the talent necessary for growth, a partnership with a recruiting company also allows existing staff to focus on prospecting, RFPs, and more.
Quick hiring ¹ Thoughtless hiring
While qualified recruiting companies should pride themselves on quickly filling positions, it is also imperative that they match the best qualified candidates for the job. For example, at The ProHunters, our staff combs through hundreds of resumes and conducts interviews to ensure that our clients get only the best candidates. This not only ensures that we build strong relationships with our clients and our job candidates, but that we are further contributing to the overall efficiency of our partner companies.
Successful construction companies are constantly looking for ways to capitalize on current market opportunities. One of the best ways to do this is by partnering with a staffing agency. By working with a staffing agency, organizations can tap into an extensive network of qualified candidates, which can help quickly fill open positions and capitalize on current market trends.
Are you ready to position your company for success? Call today and let’s discuss finding the labor you need to take on more projects.