Home Depot Donates $50 Million to Reduce Home Construction Shortage
Home Depot has announced it will donate funds to a construction labor training program with the goal of helping to provide the talent needed to resolve the current home inventory shortage. The company plans to donate $50 million to train 20,000 new construction workers at the Home Builders Institute over the next decade.
The Home Builders Institute, the industry’s education arm, trains roughly 3,500 workers each year using funds received from the U.S. Labor Department. With the new funding from the Home Depot Foundation, Home Depot aims to increase the number of trainees by 60 percent, or 2,000 per year. The initiative will focus on training high school students, disadvantaged youth, veterans, and current Army soldiers who will soon retire into civilian life.
“It’s important that we support the trades,” Home Depot CEO Craig Menear said in an interview. “Not only do we sell product to professionals like plumbers and electricians,” but the company also partners with service providers that install kitchen flooring, hot water heaters and other equipment in consumers’ homes.
Fortunately, things are starting to look up for the construction industry in 2018. New construction homes began at a strong pace this year and are on track for the best year since the 2008 housing crisis, according to data from the U.S. Census Bureau.
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Home Depot Donates $50 Million to Reduce Home Construction Shortage
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