FMI has released its latest whitepaper: “Skills Shortages in a Booming Market - The Big Oil and Gas Challenge.” It discusses market trends within the oil and gas industry including a geographic pull on skilled labor, and actions being taken to address the inevitable labor shortage.
In 2008, 3.8% of the total construction workforce was engaged in direct oil and gas construction. By 2012, 6.4% of that workforce was engaged. According to FMI’s estimates, by 2017 nearly 10% of the total U.S. construction workforce will have moved over to this burgeoning segment of the industry.
“The oil and gas construction market remains vibrant, and many firms are seeking new ways to expand and grow their market presence,” says Scott Duncan, vice president with FMI Capital Advisors, Inc. “As competition for limited resources intensifies, labor and talent management are quickly becoming key differentiators in company performance and overall company value. Companies seeking to build a presence in this market need to ensure they have the systems and processes in place to maximize productivity and retain top talent.”