Sebastian Obando at Construction Dive reports New York Construction Firms are ramping up pay and benefits to stay competitive in a tight labor market, according to a new 2025 study from The Bonadio Group, a New York City-based National Accounting and Advisory Firm. The report, which surveyed more than 200 Contractors in New York, revealed Construction Firms are feeling the squeeze of overall building costs. Many firms reported they have had to pass along higher costs to clients or simply delay projects altogether. Both overall and non-residential in-put prices are now 0.8% higher than a year ago and sit more than 40% higher compared to February 2020. Meanwhile, the number of quits jumped by 17,000, marking the second straight month of increases. In response, companies are investing in workforce development programs, expanding flexible work options and introducing mental health resources to attract and retain talent, said Nancy Cox, Construction and Real Estate Industry Leader at The Bonadio Group.

To Read Obando’s Interview With Cox, Go To: New York contractors boost pay, benefits to fight labor shortages | Construction Dive

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