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By Julie Littman, Forbes contributor
Several commercial real estate industries could face a deepening labor shortage in coming years due to proposed immigration policies.
If enacted, policies restricting legal immigration could make it increasingly difficult to fill various positions in the industry, according to a recent Cushman & Wakefield report.Under the proposed RAISE Act, the government would do three things: limit the number of refugees entering the country each year to 50,000, reduce legal immigration over the next decade and change how immigrants are prioritized and granted access to the U.S.
Companies are already struggling with ways to bulk up the labor force as baby boomers retire and younger workers lack an interest and at times the talent to fill the gap. That is where foreign workers have stepped in.
There are 27.5 million foreign-born workers in the U.S. — nearly 70% of whom are between the ages of 25 and 64. Only 60% of U.S. residents are within that same age range. Beginning in 2019, the number of U.S.-born residents of working age will decrease and the labor force will lose 2.1 million people by 2028, according to the report.
“It's a challenge to find good skilled workers no matter what and this could … make it even more of a challenge," said Cushman & Wakefield Senior Director of Occupier Research in the Americas David Smith.