Home Improvement Industry Stifled by Depletion of Millennial Workforce

Findings outlined in HomeAdvisor's Skilled Labor Shortage Report

Feb 22, 2016, 08:00 ET from HomeAdvisor

GOLDEN, Colo., Feb. 22, 2016 /PRNewswire/ -- Limited supply of skilled laborers is making it difficult for home professionals to grow their businesses, according to HomeAdvisor's Skilled Labor Shortage Report, released today. The Report presents a snapshot of today's residential construction and home improvement skilled labor climate, explores the barriers younger generations face in entering the skilled labor workforce, and identifies opportunities to engage and attract the next generation of craftsmen.

"The labor shortage reveals a generational imbalance as the current aging workforce struggles to attract Millennials into its ranks," said Marianne Cusato, HomeAdvisor's housing expert and professor of the practice at University of Notre Dame's School of Architecture. "By creating more educational resources such as mentorships and apprenticeships, there is a tremendous opportunity to expose younger generations to the benefits that come with being a successful craftsman and independent business owner."

The Report, prepared by Cusato, is comprised of results from a recent survey* conducted among HomeAdvisor's network of pre-screened home professionals. Highlights of the 2016 Skilled Labor Shortage Report include:

  • Trouble hiring skilled labor is preventing businesses from growing, as 93 percent of those surveyed believe their business would grow over the next 12 months if not for hiring challenges.
  • Plenty of jobs are available, but limited resources for training new skilled laborers may be creating a barrier to entry. Professionals surveyed expressed the desire for additional resources when entering the home services industry, including trade schooling, mentorships, and trade associations.
  • Negative perceptions and lack of exposure to the industry may be limiting new entrants into the field, especially among Millennials, as 61 percent of those surveyed agree that there is a lack of exposure to skilled labor professions for younger generations.
  • Over 50 percent of skilled laborers credit entrepreneurship and business ownership as reasons for choosing their current professions.

"With over 110,000 home professionals in our network and nine million homeowners submitting project requests on our site, HomeAdvisor is at the intersection of the home improvement industry," said Chris Terrill, CEO of HomeAdvisor. "We have a unique opportunity to influence the future of the home improvement landscape and are committed to helping bring more skilled labor into the workforce."

On Feb. 26, from 9 a.m. to noon at the National Press Club in Washington, D.C., HomeAdvisor will host an Insights Forum titled Skilled Labor Shortage: Where is the Next Generation of Craftsmen? Subject experts, key influencers, press, and policy-makers will come together at this esteemed event to explore supply and demand solutions and how education, entrepreneurship, and the economy can influence the next generation of homebuilders and craftsmen.

For the complete Skilled Labor Shortage Report, click here. For more information about HomeAdvisor's upcoming Insights Forum, click here.

About HomeAdvisor
HomeAdvisor is a nationwide digital home services marketplace providing homeowners the tools and resources for home repair, maintenance, and improvement projects. HomeAdvisor's marketplace lets homeowners view average project costs coast-to-coast using True Cost Guide, find local pre-screened home professionals, and instantly book appointments online or through HomeAdvisor's award-winning iOS and Android mobile app. Access to all of HomeAdvisor's resources is free for homeowners, with no membership or fees required. HomeAdvisor is based in Golden, Colo., and is an operating business of IAC (NASDAQ: IAC).

*Data included in the Skilled Labor Shortage Report is based on a survey conducted by Survey Monkey on behalf of HomeAdvisor from December 17, 2015- January 6, 2016. The survey was conducted among 282 U.S. professionals profiled for remodeling, plumbing, electrical, HVAC, roofing and contracting projects.

 

SOURCE HomeAdvisor



RELATED LINKS

http://www.homeadvisor.com