How to Capitalize on the Looming Skilled Trade Shortage
Source: US Bureau of Labor Statistics
The Signal: Tradespeople are in high demand. A 2018 report found that skilled trade positions such as mechanics, electricians, welders, pipe fitters, and carpenters were found to be the hardest roles to fill globally and in the US for the 6th year in a row.
One of the main reasons for the shortage is age. For every skilled tradesperson entering the workforce, there are 5 who retire. As many as 32% of billion-dollar manufacturers estimate they’ll lose $100m+ over the next ~5 years as Baby Boomers put down their tools.
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