The HVACR industry has been experiencing a labor shortage for decades, and the latest trends aren’t looking great. According to the Bureau of Labor Statistics (BLS), the labor force participation rate in August rose slightly to 62.4%, which is still below the pre-pandemic level of 63.4% in February 2020. This means the labor force is missing about three million workers, and economists don’t seem to know where they went.
Some point to a wave of retirements, as many baby boomers took the pandemic as an opportunity to retire early. Others say many workers could not secure reliable child care amid daycare and school closures and chose to stay home with their kids. Immigrants heading home during the pandemic could be another reason for the missing workers, but other workers — particularly prime-age men (ages 25-54) — remain firmly on the sidelines, which is puzzling.