The hospitality industry has been experiencing a commercial contractor shortage for a while, with 74% of general contractors saying there was a shortage of skill trades professionals. Projects that were put on hold during the early days of the pandemic have resumed, which is making your ability to hire qualified contractors even harder.
Hospitality construction outlook
According to Lodging Econometrics analysts, many major markets and tourist destinations have seen a significant increase in demand during the first half of 2022, reporting the highest occupancy rates since the start of the pandemic in early 2020. Hotel owners, management groups, developers, and investors continue to move forward with delayed and new development plans.
Commercial and industrial construction outlook
According to McKinsey & Company, construction projects in the U.S. are short-staffed and the problem will get worse in the future. Their models show that the projected $550 billion of new infrastructure investment over the next decade from the Bipartisan Infrastructure Law could “create 3.2 million new jobs across the nonresidential construction value chain,” which is about a 30% increase in that workforce. Finding and training 300,000 to 600,000 new workers every year will be extremely challenging.
What does this mean to you?
Between supply chain and contractor shortages, it’s important for hospitality companies to have contingency plans in case materials are delayed or prices skyrocket. If your first choice for paint, wall covering, flooring, glass or other materials isn’t available or affordable, second and third choices are important to have. Booking contractors early also helps keep projects on track.
When hiring finishing contractors for your properties, make sure contractors are experienced, certified, insured, bondable, and adhere to OSHA and other safety standards. This limits downtime for properties during renovations and reduces the risk of injuries.
Contact us today
Put FSN-Hospitality on your bid list today. We have skilled finishing contractors and workers for your new builds, renovations and ongoing maintenance needs. Contact us today at (410) 564-5876 or sales@FinishingSolutionsNetwork.com to be matched with experienced specialists in your area for free.