1.7 million skilled trade jobs will open annually through 2035, report says—experts don't know who will fill them

The skilled trades industry is facing a significant challenge in meeting its workforce needs, with a report indicating that 1.7 million jobs will open annually through 2035. This shortage is attributed to a combination of factors, including an aging workforce and high turnover rates. As a result, the industry is struggling to keep up with job creation, leading to a substantial gap in the number of skilled workers available to fill these positions.

This issue has significant implications for the broader economy, as the skilled trades play a critical role in maintaining and building the country's infrastructure, as well as supporting key industries such as construction and manufacturing. The shortage of skilled workers in these areas can lead to delays and increased costs for projects, ultimately affecting the overall competitiveness of businesses and the economy as a whole. Furthermore, the industry's reliance on an aging workforce raises concerns about knowledge transfer and succession planning.

As the industry looks ahead, it will be crucial to monitor efforts to address the skilled trades shortage. Key areas to watch include initiatives to promote vocational training and apprenticeships, as well as strategies to attract and retain younger workers. Additionally, industry leaders and policymakers will need to collaborate on solutions to support workforce development and address the root causes of the shortage. By doing so, they can help ensure that the skilled trades sector is able to meet its workforce needs and continue to drive economic growth.

Originally reported by cnbc.com. Trade-News adds analysis for finance & markets readers.