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Good afternoon Wisconsin Construction connections! For the first time in 4 years, the Federal Reserve is poised to cut interest rates this week. Not only is this welcome news for your pocketbook, as it is an indicator that inflation will continue decreasing, it's welcome news for those who work in the construction industry. Construction is the industry most directly impacted by lower rates. When rates are lower, the borrowing is cheaper, meaning material costs decrease, businesses are more likely to invest in development, and the demand for new construction increases.
As someone that works in construction recruitment, I have already seen the long anticipated rate cuts increase the demand for skilled labor. In the last month, almost a dozen of my clients have reached out to me looking to find project managers, superintendents, and preconstruction professionals to staff a growing backlog of projects. The labor pool, however, has not adjusted to this reality. I talk to employees across the industry every day who are open to looking in the future, but are holding off due to concerns about the long term outlook for the economy. Nobody wants to be last in and first out, after all. This broad misunderstanding of the macroeconomic outlook, however, presents an opportunity.
Buy low, sell high is a common truism in finance, and it holds true to labor market trends. There is currently a shortage of qualified candidates looking for work, and companies are offering novel, exciting benefits to qualified employees in response. These benefits take the form of higher compensation packages, flexible work hours, and expanded paid time off policies. Put more simply, the best time for a candidate to interview is when nobody else is interviewing, as that candidate has far more leverage to meaningfully improve their earnings and quality of life.
If you are one of these project managers, superintendents, or preconstruction professionals in Wisconsin that are open to test the market, I encourage you to reach out to me for a confidential consultation. Alternatively, you can check out some of the jobs I have listed below!
Josh De St. Jean | Alexander (Al) Rasmussen | Caroline Goodin
https://lnkd.in/gmFrrJr3
Marketing Assistant at Revscale AI
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