Maryland Contractor Optimism Wanes Due to Tight Labor Markets
A recent article in the Baltimore Business Journal on a Maryland construction industry survey reports that tight labor markets and rising materials costs are influencing the opinion of Maryland contractors that there may be a downturn coming in the near future. While contractors are individually optimistic about their own businesses, they recognize that the labor crisis is growing. Fewer young people are entering the construction industry and over 80 percent of contractors surveyed responded that "finding and retaining quality employees" is their top concern. Although salaries are generally on the rise, corporate culture appears to be a greater concern to younger workers. The industry is undergoing significant changes and fostering a good corporate culture is key to hiring and retaining younger workers to meet the demand.