Stop looking at the stock market and start looking at the empty job sites. The foundation is gone, and no amount of corporate press releases will build it back.
Some raw facts from the American Builders and Contractors Association are even more chilling: 39% of electricians in this country were 45 years old or older. Another disturbing stat: for every five plumbers leaving the workforce, only two apprentices are entering. As Baby Boomers age out, the industry faces an estimated shortage of up to 550,000 plumbers, according to the Merrow Report.
Same with auto mechanics. Currently, the United States is facing a shortage of 600,000 auto mechanics, according to that same report.
All of these shortages are creating a downward and slippery slope for both consumers and builders alike, including higher costs and growing safety risks. And it creates wait times for services that extend beyond days into weeks, months, and even years for larger projects.
Dina Powell McCormick, president of Meta, said that she first saw the impact of this escalating problem when she joined her husband Sen. David McCormick, a Pittsburgh Republican, when he was running for office in 2022 and 2024.