Managing Projects During a Labor Shortage and Rising Material Prices

Fluctuating markets, uncertainty surrounding tariffs, and the current labor shortage increases the financial risks for contractors, owners, architects, engineers, and other specifiers. Learning ways to mitigate such risks, including a better understanding of escalation clauses, value engineering, supply bonds, captive insurance, and subcontractor default insurance can help to protect specifiers from the unknown. Having greater insight into the current labor shortage, as well as adopting retention and recruitment strategies, can further help firms and businesses navigate uncertainty.