5 Ways to Profit from the Construction Labor Shortage as a Subcontractor

Many subcontractors feel like a small fish in a big pond. However, this pond likely has become much smaller. Because of the past construction industry downturn, many tradespeople decided to retire or get out of business otherwise. Now that the construction industry has rebounded, and we are in the middle of a construction labor shortage, prospects look extremely bright, and now is the time to go for the most profitable jobs.

According to the Dodge Data & Analytics construction forecasting group, prospects for the construction industry look brighter than ever. Due to the construction labor shortage, however, many firms are challenged to find enough skilled workers to meet the demands of a project. This may seem like a problem, but therein lies a lot of opportunity. Before this skilled labor shortage, many tradespeople had to bid below cost or work exclusively with one general contractor to remain competitive. Now is the time to go after the better, more profitable jobs, and this guide explores five key steps to maximize your potential for winning better jobs with more comfortable margins.

The construction labor shortage and rising demand for subcontractors make it easy to create and nurture new relationships, even if networking is not your top skill. Not only is it a good time to create new mutually beneficial business relationships, but it is also a good time to drop any “bad” customers you may have. If a general contractor is placing a higher value on the price of your work than on your skill and expertise, they may be hurting your potential for growth.

Read the full guide to explore all five key steps to maximize profitability during the construction labor shortage.

 

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