We’re going to start a new series on spotlighting labor shortages issues on a state by state basis. We don’t think we’ll ever run out of states to write about nor do we think the labor shortage will get better any time soon because what is driving the labor shortage is the ‘silver tsunami’ of baby boomers that are retiring and the ever increasing rates of illnesses and disability impacting the American labor force.
From WRAL news in North Carolina:
In North Carolina, even if every unemployed worker was connected with an available job, there would still be nearly 160,000 open positions and no one to fill them. That’s according to figures from the U.S. Department of Commerce.
Wral.com
The article continues with the following pertinent quote:
“I am the CEO. I’m also the janitor; I’m the the dishwasher, the electrician, the plumber, the builder and also the accountant for this firm,” Stephenson said.
Wral.com
We loved Stephenson’s quote because that is the future for America for just about everyone over the next decade. There are not enough electricians, airline pilots, doctors, nurses, engineers, teachers, police officers, firefighters, accountants, and other professions to fill the need.
North Carolina State has a good article on the root cause of the labor shortage problem.
The second concern is the possibility the labor shortage will only worsen in the future. Lower birth rates are causing slow growth in the nation’s population and workforce. North Carolina is in better shape due to the large number of people who continue to move to the state from other states. But even with this interstate in-migration, North Carolina’s prime labor force — considered to be adults aged 25 to 54 — is projected to increase by less than 1% annually in future years.
NC State
Interestingly, North Carolina is relying on interstate in-migration to solve their labor shortages. In The Next Civil War Will Be About Labor Not Politics we made the satirical point that any future civil war will likely be over the need for labor and not traditional politics. In The War For Labor Has Begun we pointed out how some states have become proactive by offering high incentives to get people to move to their states. We can easily extrapolate and project these issues into the future and there will be a great tug-of-war over trying to entice people to move from state to state.
Which states will win? The states with the best possible opportunities and quality of life will likely lead the pack but there will be other factors. To learn more, stay tuned, stay profitable and stay solvent…