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Construction in Illinois
Illinois' construction industry is thriving and driven by significant financial contributions and a robust pipeline of major projects. The sector is adapting to challenges while benefiting from record investments and strong federal funding support. It not only enhances the state's economy but also revitalizes communities, ensuring job creation and improved infrastructure for residents.
Why is it Thriving?
- Significant Financial Contribution: The construction sector in Illinois completes $8.7 billion in non-residential projects and $3.8 billion in residential projects annually, underscoring its importance to the economy.
- High Employment Levels: As of the first quarter of 2023, there were 33,400 construction establishments in Illinois, contributing to a total of 919,000 construction establishments across the U.S.
- Competitive Salaries: Construction jobs in Illinois pay well, with all five of the most numerous construction occupations offering median annual pay exceeding the median for all employees in 2022.
- Forecasted Growth: The Illinois construction industry is projected to grow by 7% in 2024, indicating resilience in the face of challenges like fluctuating material costs and labor shortages.
- Mega Project Investments: Strong growth is driven by significant investments in mega projects, such as electric vehicle battery plants and semiconductor factories, alongside increased onshoring efforts.
- Record Investment Levels: Total investment in the construction sector is forecasted to reach a record $112 billion, highlighting robust demand for construction services.
- Economic Impact: The construction industry contributed $41 billion, or 3.6%, to Illinois' GDP of $1.1 trillion, showcasing its vital role in the state's economy.
- Employment Increase: Construction employment in Illinois reached 236,500 as of August 2024, reflecting an increase of 2,400 (1%) from August 2023 and 8,600 (4%) from February 2020.
- Federal Funding Support: Illinois is expected to receive approximately $11.3 billion in federal funding over five years for highways and bridges, with $7.3 billion already announced for various infrastructure projects.
- Major Infrastructure Projects: Under Gov. JB Pritzker's Rebuild Illinois capital program, significant projects in the south Cook County area, with a total investment of $148 million, are underway, aimed at improving safety and mobility while creating good-paying jobs.
- Community Revitalization: The Rebuild Illinois program is revitalizing communities by investing in transportation improvements, enhancing local quality of life, and promoting equitable access to infrastructure.
What are the Key Construction Roles?
Here are some examples of the diverse range of senior roles within the industry:
Financial Controllers
Accounting Expertise: In-depth knowledge of accounting operations, including accounts receivable, payable, general ledger, and cost accounting, with proficiency in GAAP and IFRS.
Budgeting and Forecasting: Experience in coordinating and directing the preparation of budgets and, financial forecasts and reporting variances.
Financial Reporting: Ability to prepare and publish monthly financial statements and create annual reports identifying trends and forecasts.
Regulatory Compliance: Ensuring all reporting complies with statutory law, financial regulations, and industry-specific requirements.
Internal Controls: Developing and maintaining robust internal control policies and accounting systems to improve operational efficiency.
Audit Management: Leading the audit process and liaising with external auditors.
Cash Flow and Debt Management: Overseeing the management of cash flow, debt collection, and financial risk.
ERP and Financial Systems: Proficiency in enterprise resource planning (ERP) systems and identifying areas for technology-driven service improvements.
Data Analysis: Strong ability to track, analyze, and interpret financial data for strategic planning and decision-making.
- Financial Strategy: Contributing to the financial strategy of the business and developing risk minimisation plans.
Senior Vice President
Project Management: Oversight of project estimates, schedules, delivery milestones, and day-to-day operations, ensuring timely and cost-effective delivery of projects.
Strategic Leadership: Development and implementation of strategies to achieve successful project outcomes, bridging commercial and technical considerations.
Risk and Compliance Management: High-level management of quality, risk, safety, and compliance across projects.
Process Improvement: Implementation of systems, processes, and policies to improve efficiency and project delivery quality.
Contract Administration: Management of contracts, including terms, change requests, invoices, and progress payments.
Financial Oversight: Maintenance of project budgets, costs, and pricing, ensuring profitable project delivery.
- Performance Management: Driving a performance-based culture with accountability to key performance indicators.
- Industry and Market Expertise: In-depth technical understanding of the construction and clean energy markets, including experience with financing and asset ownership.
Chief Operating Officer
Operational Management: Overseeing day-to-day operations, ensuring alignment with the company's long-term goals, and improving efficiency across departments.
Strategic Execution: Translating business strategy into actionable steps, focusing on operationalizing the CEO’s vision and strategic plans.
Project Oversight: Managing construction processes from planning and design to procurement and delivery, ensuring projects meet quality standards, deadlines, and budgets.
Budget and Financial Management: Developing and controlling operational budgets, managing capital investments, and ensuring profitability.
Compliance Management: Ensuring that all operational activities comply with relevant legal, health, safety, and industry standards.
Process Improvement: Analyzing internal operations to identify areas for process enhancements and operational efficiency.
Resource Allocation: Ensuring that operational teams are adequately resourced and empowered to meet project goals and operational initiatives.
Client and Stakeholder Relations: Liaising with clients, partners, and stakeholders to ensure quality assurance and maintain strong relationships.
- Cross-functional Leadership: Coordinating between departments such as finance, HR, and project delivery to achieve operational goals.
What are the Recruitment Challenges?
While the industry is thriving, recruitment challenges remain within the sector. Here are some key examples:
Acute Labour Shortage: The construction industry is facing approximately 650,000 unfilled positions, leading to delays in critical projects.
Aging Workforce: Many skilled workers are retiring early due to the demanding nature of construction jobs, exacerbating the labour shortage.
Cultural Shift: There is a growing emphasis on higher education over skilled trades among younger generations, which discourages them from pursuing careers in construction.
- Increased Demand for Projects: The passage of the Bipartisan Infrastructure Bill (BIL) has intensified the need for competent construction workers, further highlighting the recruitment challenge.
Key Recruitment Solutions
To ensure the industry continues to thrive with the senior talent it requires, here are our top recruitment tips:
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SOLUTION 1
Strengthen Your Employer BrandingA compelling brand identity signals that your organization is a leader in its industry, showcasing a commitment to core values and a positive workplace culture. By defining a unique EVP, leveraging social media for wider reach, and encouraging employees to share authentic stories, you can effectively highlight your dedication to diversity and inclusion. This will position your organization as an attractive destination for leadership candidates who value reputation and strategic alignment.
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SOLUTION 2
Use Industry Networks and AssociationsActively participate in conferences, trade shows, and sector-specific events to connect with potential candidates. Additionally, consider joining professional organizations such as the American Society of Civil Engineers (ASCE) or the American Institute of Architects (AIA) to engage with senior professionals.
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SOLUTION 3
Showcase Company CultureHighlight significant projects, sustainability initiatives, and social responsibility efforts that demonstrate your impact. Additionally, emphasize career growth by clearly outlining advancement opportunities and professional development programs within your organization, as seasoned professionals are drawn to companies that actively invest in their ongoing growth.
Transferable Skills
To ensure a strong pipeline of senior-level talent, explore attracting professionals from other sectors who possess valuable, transferable skills aligned with industry needs. This skills-first hiring strategy is increasingly being embraced across multiple industries, allowing organizations to tap into diverse talent pools and enhance their overall capabilities. Here are some key examples:
Project Management
This includes skills such as:
- Project Planning
- Risk Management
- Team Leadership
- Budgeting
Talent with these skills could be transferred from industries such as:
- Renewable Energy
- Technology
- Mining
Data Analysis and Analytics
This includes skills such as:
- Data Visualisation
- Predictive Modeling
- Statistical Analysis
- Data Mining
Talent with these skills could be transferred from industries such as:
- Technology
- Engineering
- Architecture
Sustainability and Green Building
This includes skills such as:
- Sustainable Design
- Energy Efficiency
- Environmental Impact Assessment
- Building Science
Talent with these skills could be transferred from industries such as:
- Renewable Energy
- Architecture
- Engineering
Financial Management
This includes skills such as:
- Corporate Finance
- Investment Analysis
- Risk Management
- Data Analysis
Talent with these skills could be transferred from industries such as:
- Financial Services
- Healthcare
- Retail
There’s a real lack of engineering talent, especially female talent, in the industry, which is a concern. Businesses are trying to become more diverse, but there’s not a lot of diversity in this space. That’s something the industry needs to take a big step forward on.
Construction
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