How Biden’s inauguration projects a bright future for the US construction industry
One month on from Joe Biden’s historic inauguration, experts from the US construction industry are still lauding his proposed policies as a real force for positive change.
Once they’re passed through congress, the President’s pledges will mean significant growth in the sector, impacting c-suite and executive-level roles in the process.
How President Biden plans to shake up US construction
Biden’s proposals revolve around overhauling the US infrastructure for clean energy, expanding broadband networks in rural areas and increasing the spending for construction in the housing, education and healthcare sectors.
The $2-Trillion fund represents a significant commitment from the leader of the Democrats, which, if successfully delivered, will bolster the construction industry’s growth that was witnessed throughout 2020.
GlobalData reported last month that US construction increased by an estimated 1.5% across last year, projecting an annual growth rate of 1.4% between 2021 and 2024.
Key drivers in these growth trends include increased demand for residential housing, thanks to the exponential shift to remote working and mortgage rates hitting record lows. In addition, Biden’s optimistic fiscal relief package and the widespread rollout of COVID-19 vaccines are promoting a real sense of positivity within the industry – at least in the short term.
The projected impact of the Biden administration’s changes
Interestingly, issues surrounding labor shortages and the rising expense of both land and building materials are expected to fall under the Biden administration.
Once the controversial immigration and foreign trade policies imposed under Trump are overturned, the industry will benefit from lower tariffs on materials and an influx of skilled labor from overseas.
From the perspective of executive recruitment, this relaxation on sourcing talent from a much wider pool is particularly promising, allowing us to positively impact what has proved a difficult time for many in the industry.
In addition to the growth in residential and commercial construction in the US, the boom in construction of US data centers is also driving the demand for highly skilled individuals in this particular niche.
In our most recent article, we discuss the challenges faced by the data center industry due to this growing talent shortage and how talent acquisition holds the answer to success.
Looking ahead: executive recruitment in US construction
From social distancing measures restricting workforce on building sites, to adapting to the complexities of remote working in a typically hands-on industry – the US construction industry saw many challenges thrown in its way last year.
With the demand for construction growing, alongside a shrinking pool of talent – the need for quality, c-suite level candidates in this challenging environment became increasingly evident for business leaders in 2020.
In response, construction companies across the US relied on talent-management specialists to source candidates who can hit the ground running and offer their employer longevity. Backed up by findings from this survey, where 30% of respondents stated they expected their use of executive search firms to increase over the next five years.
Whether being able to evidence experience in managing teams remotely or displaying initiative and flexibility within your role, the coronavirus pandemic’s effects have magnified the need for particular skills that employers will be looking for in 2021.
To avoid falling foul of this growing skills gap in US construction, business leaders in the industry need to consider their talent acquisition, management and succession planning strategies. Maintaining company-growth inline with the industry’s expansion is only assured by providing paths of progression for all employees and a laser-focused policy for onboarding new talent.
G&E Partners: Your retained executive search specialists
Our expertise lies in staying ahead of the curve, knowing the specific skills your business needs from prospective candidates so that you continue to succeed within the construction industry.
On top of sourcing talent with the necessary experience or the proper qualifications, we also understand the importance of hiring candidates who fit into your company culture. We firmly believe in aligning candidates to your company ethos; this ensures longevity for the employer, and job satisfaction for the employee.
Our unique approach to talent management provides ample opportunity to ascertain a prospective candidate’s specific goals.
By focussing on finding out their career aspirations and the challenges they’re looking for from their next position, as well as their experience level and qualifications – we ensure their next role provides the right amount of growth for them, and sources the right candidate for you.
Our expert consultants are currently working with leading candidates in the US construction industry at all levels of the seniority spectrum. For a friendly discussion with one of the team, get in touch today.