The immediate effect of the skilled worker shortage impacting the U.S. construction industry for the last two years was a slowdown in work. Demand rose and backlogs increased as firms struggled to find enough workers to tackle new jobs.
But now, a new wrinkle is being pointed to by a development executive. Lydia Tan, senior vice president of development at real estate investment advisory firm Bentall Kennedy tells GlobeSt.com the labor shortage has led to “drastically rising construction costs.”