Happy New Year, readers! Welcome to the Editor's Letter for the January 2025 issue of Equipment Today!
For many of us, with that January flip of the calendar comes a renewed sense of determination.
This time of year, we find ourselves setting our sights on bigger objectives and aiming higher. But creating goals is the easy part. It’s what comes next that’s a bit more difficult: How can we accomplish these goals? What can help us get there?
The contractors we speak with are constantly climbing the uphill battle of doing more with less, so why — and when and how — can you add more to your plate? The quick answer is to hire more workers, but with challenges like the skilled labor shortage still looming, now what are your options?
According to November 2024 analysis of government employment data conducted by the Associated General Contractors of America (AGC), construction employment rose in 238, or 66%, of 358 metro areas between October 2023 and October 2024. According to AGC, firms continue to increase pay rates as many companies struggle to find enough qualified workers to hire.
“While roughly two-thirds of metro areas have added construction workers in the past year, contractors would have hired more employees if there were enough qualified applicants,” said Ken Simonson, AGC chief economist. “Contractors are struggling to fill openings despite offering above-average wages.”
As experienced tradespeople move into retirement, the industry is ramping up its efforts to recruit younger generations of workers to fill their shoes. However, for them, the path to construction is not a clear one. According to CONEXPO/CON-AGG’s Q4 2024 Economic Outlook for the Construction Industry, “some companies are embracing technology to bridge the labor gap. Automated equipment, such as robotic bricklayers and 3D printing technology, can reduce the workload on human crews and help projects stay on track.”
It’s this shift toward tech-driven solutions that is keeping many businesses ahead of the curve. But the move to adopt and integrate technology is a constant commitment. For contractors who are willing to make the investment, both financially and in terms of time, there are clear benefits to the bottom line. For a closer look at some of latest equipment technology developments, check out Equipment Today's coverage of Trimble Dimensions 2024.
The mission of Equipment Today is to to help contractors optimize ROI on their construction equipment. And as today’s advanced equipment is paving the way for gains across the board, contractors are finding new opportunities to cut costs and improve efficiency and productivity.
As our team continues to deliver on our mission of helping you consider and explore the possibilities of how your equipment investments can keep your company competitive, we welcome your insights. What fleet challenges are you currently facing? How can we help you weigh the pros and cons of your next equipment purchase? How is technology influencing operations? What innovations or developments have piqued your interest? Email your thoughts to kwells@iron.markets.
