Americas Office Fit Out Cost Guide 2023

OFFICE FIT OUT COST GUIDE 2023

A cooling in job openings could be on the horizon as January 2023 job openings totaled 248,000, a 49% drop from the December 2022 level of 488,000. This pullback could be the result of several construction projects being put on hold due to current economic uncertainty. However, with large flows of federal funding focused on sectors which will require construction, including the CHIPS act, demand for construction labor will continue. expected to create more vacancies in the sector. Construction workers are only slightly older than the average age of U.S. employees. However, with 23% of all workers entering retirement age in the next decade, there will be additional stress on the labor pool. Additionally, in the next ten years, another 21% of employees currently aged 45-54 will also enter retirement age. To fill the labor gap, the construction sector will need to be proactive in attracting younger workers to the sector. Several initiatives to do so are underway, including the introduction of skills-based programs for young workers coupled with competitive wages. Further complicating the construction employment picture, the aging workforce is

Job openings have outpaced quit rates even during the eight quarters pre pandemic.

CONSTRUCTION WORKERS ARE SLIGHTLY OLDER THAN THE U.S. AVERAGE BUT NOT BY MUCH

AGE DISTRIBUTION OF WORKERS BY MAJOR INDUSTRIES

Median Age 48.1

Leisure and hospitality Wholesale and retail trade Information Mining, quarrying, and oil and gas extraction Professional and business services U.S. Construction Transportation and utilities Education and health services Other services Manufacturing Financial activities Public administration Agriculture, forestry, fishing, and hunting

45.6 44.6 44.3 43.3 43.2 43.0 42.4 42.3 42.3 42.1 41.7 39.6 32.7

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

20 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65+

Source: U.S. Bureau of Labor Statistics (BLS)

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