Contractors are reviewing their budgets to find creative ways and additional financial incentives to retain workers in today’s inflationary environment, said Misha Nikulin, managing director at Deloitte’s engineering and construction practice. Average hourly earnings for construction workers climbed 6.1% from December 2021 to December 2022, exceeding the 5% rise in average pay for all private sector production workers, according to Associated General Contractors of America’s 2023 Construction Hiring & Business Outlook. The construction industry’s long and well-documented struggle to find workers shows no signs of slowing down and is widely believed to have become endemic. Workforce shortages, which make projects take longer and cost more, will likely intensify, according to AGC, with 69% of contractors expecting to need more workers in 2023.
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