Dome Insights is 100% HGC (Human Generated Content) where we explore various topics, from personal and professional growth to the intricacies of construction, including cutting-edge technology and industry best practices.
Ask any CEO of a construction company what their number one concern is, and I can nearly guarantee the answer is… “How can we find people to join our industry?” In the next five to ten years, we are going to see an entire generation of craftsmen retire, coupled with a lack of interest from Gen Z and Alpha to join the industry. This is the existential crisis of our time. This is where Dome is focusing our strategic efforts.
Of the many reasons why this crisis is brewing, I wanted to address one in particular: the perception that working in the trades is not lucrative and that the only pathway to long-term wealth is by earning a college degree.
In fact, it is quite the contrary.
In the SF Bay Area, the starting wage for a new carpenter apprentice is $36/hr. Over the ensuing four years, that wage grows steadily to $57/hr. This often coincides with a bump to Journeyman status and an attractive $60/hr wage. This equates to around $110K annual earnings in your early 20s with no debt! Tack on the fringe package (pension, healthcare, vacation, etc), and someone joining the workforce is already well on their way to a healthy career and retirement.
Contrast this with these statistics:
“According to the Department of Education, as of June 2023, the average student loan debt for federal loans was about $37,650.” – bestcolleges.com
“The median college graduate starting salary is around $59,600.” – forbes.com
A journeyman carpenter will earn nearly double the median and have no debt! In addition, they will have built a tangible set of skills.
With a solid work ethic and a willingness to learn and develop leadership skills, a Journeyman Carpenter could advance to a Foreman, a Superintendent, and beyond. These earnings grow in parallel with a Project Management path in construction.
The built world is growing more and more complex, and technology is playing a greater role in project execution. Field leaders who supplement their foundational building competencies with technological capabilities and business skills will have a wide variety of options for career growth. For example, Dome’s Executive Vice President started as an Apprentice Carpenter.
This same earnings and career trajectory applies to a multitude of other trades as well (e.g., Electricians, Plumbers, and HVAC). Given the technical nature of these trades, the compensation is appreciably more.
I have to wonder: do high school students know this? (My 15-year-old didn’t… until I just told him). Do their parents realize how lucrative it can be to work in the built environment? If so, would we see more interest in this field? What else might be holding people back from joining the construction industry?