Report: The U.S. is facing its largest labor shortage in history
Ramona Schindelheim
September 17, 2024
Lightcast’s The Rising Storm predicts a six-million worker deficit by 2032
There’s a massive labor shortage on the horizon and employers must act now in order to have enough skilled workers to fill in-demand jobs, according to a new report from Lightcast. The report forecasts a labor gap of six million workers over the next eight years, with the health care, skilled trades, hospitality, and other service industries hit the hardest.
The Rising Storm: Building a Future-Ready Workforce to Withstand the Looming Labor Shortage says the pending shortage is being fueled by the deluge of Baby Boomer retirements, plummeting childbirth rates, and historically low labor force participation, particularly among men. The Rising Storm is a follow-up to Lightcast’s Demographic Drought series that first predicted the coming labor shortage and opportunities to increase labor participation rate.
To overcome hiring deficits, Lightcast suggests employers, educators, and local workforce development organizations prioritize skill adjacency, upskilling, and development to build a robust, future-ready workforce.
