{"id":9343,"date":"2019-09-12T18:18:08","date_gmt":"2019-09-12T15:18:08","guid":{"rendered":"https:\/\/www.become.co\/blog\/?p=9343"},"modified":"2019-09-12T18:18:10","modified_gmt":"2019-09-12T15:18:10","slug":"us-labor-shortage","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/us-labor-shortage\/","title":{"rendered":"The 2019 Labor Shortage: Is the US Lacking in Skilled Workers?"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019re hiring.\u201d Sound familiar?<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">If you\u2019ve had those words echoing around your workplace for a while, you\u2019re not alone.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Many small businesses have been feeling the effects of a shrinking pool of qualified job applicants.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">What\u2019s causing the labor shortage?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Which industries are impacted most?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What does it mean for the economy?<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Scroll down to find out!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is a labor shortage?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">The definition of a labor shortage is the real or perceived lack of skilled and qualified workers to meet the demand for employment within a given industry, economy, country, etc. There are a number of terms that have the same meaning, including:<\/span><\/p>\n\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Skilled worker shortage<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Shortage of qualified workers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Insufficiency in the labor force<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">and so on<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">In plain language, a labor shortage means there aren\u2019t enough people to fill job openings. Why is there a labor shortage in 2019? We get to that next.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why is there a shortage of skilled workers?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">There\u2019s no single reason why there\u2019s a US labor shortage in 2019. Several factors have converged and caused this widespread issue, which makes it all the more difficult to contend against.<\/span><\/p>\n\n<p><b>Here are the top 2 reasons why there\u2019s a labor shortage:<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An aging workforce<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pressure to attend college<\/span><\/li>\n<\/ol>\n\n<h3><span style=\"font-weight: 400;\">1. An aging workforce<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Baby-boomers are the generation of people born between the years 1946 and 1964, and they\u2019ve been aging out of the workforce at an alarming rate. The U.S. Census Bureau reports that by the year 2030 all baby boomers will be over 65 years old, and that will mean that <\/span><a href=\"https:\/\/www.census.gov\/newsroom\/press-releases\/2018\/cb18-41-population-projections.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">20%<\/span><\/a><span style=\"font-weight: 400;\"> of Americans will be retirement age. Other research shows that Baby Boomers currently make up roughly <\/span><a href=\"https:\/\/www.statista.com\/statistics\/801903\/labor-force-composition-by-generation-us\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">25%<\/span><\/a><span style=\"font-weight: 400;\"> of the U.S. labor force, compared to 33% Generation Xers and 35% Millennials. Those numbers are going to grow in difference as time goes on, but that\u2019s not the only issue.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">The careers that will suffer as a result of aging workforces include construction, manufacturing, auto repair, among many others. A few short decades ago, high school curriculums included many more \u2018shop\u2019 classes. Those shop classes ranged from woodworking to automobile repair, to plumbing, and more. Nowadays those classes have been transitioned out and replaced with courses focused more on science, technology, engineering, and mathematics (or STEM). Which brings us to the second reason.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">2. Pressure to attend college<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It isn\u2019t only the social pressure of going to college that\u2019s contributing to the skilled labor shortage &#8211; since many of those positions left unfilled do also require a degree.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Another part of the issue of attending college is that younger generations are increasingly interested in studying subjects that are unrelated to those industries that are suffering most from the labor shortage epidemic. Research by <\/span><a href=\"https:\/\/www.nshss.org\/media\/30882\/nshss-2018-careersurveyv6b.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">NSHSS<\/span><\/a><span style=\"font-weight: 400;\"> shows that Generation Z\u2019s main interest is in pursuing STEM-related fields, a trend that\u2019s been evident among survey respondents since 2008.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">When you remove so many experienced laborers from so many industries, while the next generations are simultaneously leaning further away from those same industries, the question of \u201chow bad is the shortage\u201d starts to become clearer &#8211; and more concerning.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Have a glance at some of the most alarming labor shortage statistics of 2019.<\/span><\/p>\n\n<p><img decoding=\"async\" class=\"size-full wp-image-3401\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/11\/iStock-865562744.jpg\" alt=\"\" width=\"1024\" height=\"665\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/11\/iStock-865562744.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/11\/iStock-865562744-300x195.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/11\/iStock-865562744-768x499.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/11\/iStock-865562744-416x270.jpg 416w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n\n<h2><span style=\"font-weight: 400;\">Labor shortage statistics 2019: Which industries need more workers?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">According to a quarterly report by the National Federation of Independent Business, <\/span><a href=\"https:\/\/www.nfib.com\/assets\/2019-August-Jobs-Report.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">27%<\/span><\/a><span style=\"font-weight: 400;\"> of small business owners report that their single biggest concern is finding and hiring qualified staff. More specifically, 42% of construction businesses report labor shortage as their biggest problem. And as for construction and transportation firms, 35% of them also reported that their most pressing issue is the lack of skilled workers.<\/span><\/p>\n\n<p>[bctt tweet=&#8221;27% of small #business owners report that their single biggest concern is finding and hiring qualified staff &#8211; what does that mean for the economy at large?&#8221; username=&#8221;Become_co&#8221;]<\/p>\n\n<p><span style=\"font-weight: 400;\">Results of that NFIB report also found that nearly 60% of manufacturing firms and almost 70% of construction firms received either few or no qualified applicants for their skilled-position openings.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Clearly skilled labor shortage is a real concern among many different industries. Is it justified or are people raising the alarm for no good reason?<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How bad is the labor shortage?<\/span><\/h2>\n\n<h3><span style=\"font-weight: 400;\">Manufacturing<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The manufacturing industry faces an estimated shortage of<\/span><a href=\"http:\/\/www.themanufacturinginstitute.org\/~\/media\/E323C4D8F75A470E8C96D7A07F0A14FB\/DI_2018_Deloitte_MFI_skills_gap_FoW_study.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\"> 2.4 million<\/span><\/a><span style=\"font-weight: 400;\"> workers over the next decade. That means roughly 53% of manufacturing positions are projected to go unfilled between now and 2028.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">Trucking<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Trucking companies are also having a tough time filling positions, particularly truck drivers. The <\/span><a href=\"https:\/\/www.trucking.org\/ATA%20Docs\/News%20and%20Information\/Reports%20Trends%20and%20Statistics\/ATAs%20Driver%20Shortage%20Report%202019%20with%20cover.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">American Trucking Association<\/span><\/a><span style=\"font-weight: 400;\"> found that, in 2018, driver shortages reached an all-time high of more than 60,000 positions left unfilled. That shortage is expected to reduce by the end of 2019, but if the status quo remains then the trucking industry is expected to see that shortage grow to more than 160,000 (still eclipsed by the projected shortage of manufacturing workers).<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">Construction<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Lastly, data gathered by the U.S. Chamber of Commerce finds that <\/span><a href=\"https:\/\/www.uschamber.com\/sites\/default\/files\/cci_q1_2019_3-12-2019_for_release_0.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">54%<\/span><\/a><span style=\"font-weight: 400;\"> of construction businesses report difficulty in finding skilled workers, and 70% of firms say that labor shortages are creating challenges to meeting scheduling requirements.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Additionally, according to the Associated General Contractors of America, roughly <\/span><a href=\"https:\/\/www.agc.org\/news\/2018\/08\/29\/eighty-percent-contractors-report-difficulty-finding-qualified-craft-workers-hire\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">81%<\/span><\/a><span style=\"font-weight: 400;\"> of construction firms believe it\u2019ll either continue to be hard or become even harder to find skilled workers over the next year.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How is this affecting the economy?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Data from <\/span><a href=\"https:\/\/www.statista.com\/statistics\/248004\/percentage-added-to-the-us-gdp-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Statista <\/span><\/a><span style=\"font-weight: 400;\">shows that, in 2018, the percent added to the United States\u2019 Gross Domestic Product by industry was:<\/span><\/p>\n\n<ul>\n<li style=\"font-weight: 400;\"><b>11.4%<\/b><span style=\"font-weight: 400;\"> from the manufacturing industry<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>4.1%<\/b><span style=\"font-weight: 400;\"> from the construction industry<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>3.2%<\/b><span style=\"font-weight: 400;\"> from the transportation industry<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">There were only three industries that ranked higher than manufacturing, and all three ranked in among the 11 biggest industries. Clearly, if these industries were to continue taking hits and slowly production, it could mean serious consequences for the economy at large.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">What does the future hold? Will skilled workers return in 2020?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Only time will tell, but chances are &#8211; one way or another &#8211; industries facing labor shortages will come up with solutions. Those solutions may include raising the price of labor (paying more for the job), a stronger dependence on advanced technology to replace human brains and hands, or it could mean outsourcing for labor.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Whatever the case may be, it\u2019s unlikely that the entire manufacturing, construction, or transportation industry will disappear for eternity simply because of the US labor shortage in 2019. As a business owner in one of those industries, the current lack of skilled labor will certainly still pose its risks. It won\u2019t always be the answer, but sometimes additional business financing such as a <\/span><a href=\"http:\/\/www.become.co\/business-line-of-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business line of credit<\/span><\/a><span style=\"font-weight: 400;\"> can help you overcome those hurdles.<\/span><\/p>\n\n<blockquote>\n<p><i><span style=\"font-weight: 400;\">Of course, the type of business will affect the kind of <\/span><\/i><a href=\"https:\/\/www.become.co\/loans-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span style=\"font-weight: 400;\">industry loans<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> a business needs, as well as the specific circumstances that business finds itself in. Be sure to weigh your options carefully in order to choose the right funding solution for your business.<\/span><\/i><\/p>\n<\/blockquote>\n\n<p><span style=\"font-weight: 400;\">Applying for business funding through <\/span><a href=\"http:\/\/www.become.co\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Become<\/span><\/a><span style=\"font-weight: 400;\"> means speed and efficiency so that you can place your focus where it belongs: growing your business. The <\/span><a href=\"http:\/\/www.become.co\/blog\/lendingscore\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">LendingScore\u2122<\/span><\/a><span style=\"font-weight: 400;\"> Dashboard will also save you stress by guiding you on which factors you need to work on in order to improve your funding odds. Within a few hours, you could be funded and on your way to clearing the hurdles put in your way by the labor shortage.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">You\u2019re hired!<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">We hope that by now you\u2019ve got a firmer grasp on what the big deal is about the labor shortage. This may have come as news to you, but it\u2019s definitely a concern shared among many small business owners. That\u2019s why we encourage you to spread this info around so that other owners like yourself can benefit from these labor shortage statistics!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cWe\u2019re hiring.\u201d Sound familiar? If you\u2019ve had those words echoing around your workplace for a while, you\u2019re not alone. Many small businesses have been feeling the effects of a shrinking pool of qualified job applicants. What\u2019s causing the labor shortage? Which industries are impacted most? What does it mean for the economy? Scroll down to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9348,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[114,1,12],"tags":[172,310,197,177],"class_list":["post-9343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-small-business-wisdom","category-uncategorized","category-us-resources","tag-construction","tag-labor","tag-manufacturing","tag-trucking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The 2019 Labor Shortage: Is the US Lacking in Skilled Workers? - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/us-labor-shortage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The 2019 Labor Shortage: Is the US Lacking in Skilled Workers? - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"\u201cWe\u2019re hiring.\u201d Sound familiar? 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If you\u2019ve had those words echoing around your workplace for a while, you\u2019re not alone. Many small businesses have been feeling the effects of a shrinking pool of qualified job applicants. What\u2019s causing the labor shortage? Which industries are impacted most? What does it mean for the economy? 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