Summary
BlackRock has warned that the U.S. might face a worker shortage as a massive global construction boom, partly driven by AI technology development, is underway. This shortage could be due to the retirement of older workers and the growing demand for skilled trade jobs tied to infrastructure projects. Despite these challenges, there is potential for wage growth that could attract younger workers to these positions.
Key Facts
- BlackRock highlighted a potential shortage of workers in the U.S. for upcoming infrastructure projects.
- The construction boom is driven by AI expansion and efforts to upgrade aging infrastructure.
- BlackRock noted that training workers quickly could be a significant challenge.
- Infrastructure-related jobs are expected to grow at a rate of 5% over the next 10 years, faster than the 3% national average.
- Many construction workers and supervisors are nearing retirement, contributing to the labor shortage.
- Immigration crackdowns have also contributed to a shortage of construction workers in the U.S.
- Companies and governments are encouraged to train workers for the increasing demand for AI infrastructure jobs.
