In a recent article in “The Economist,” it was noted that more than one half of the tradesmen in the U.S. are over the age of 45. Furthermore, the Department of Labor estimates that by 2022, we will need an additional 218K carpenters, 114K electricians, and 41K masons. Big numbers for an industry that continues to be fueled by low interest rates, renewed availability of bank lending, and pent-up demand.
Anecdotally, in Philadelphia, members of the trades (non-union) are working six days per week if they want to. Look for inflation to begin to take hold in construction projects over the next five years and a surge of laborers coming across the border, as the economic benefit of crossing the Rio Grande begins to outpace the risks of making the journey.