KPMG interviewed senior construction executives, 42% of whom voiced concerns that the availability of qualified contactors and the rising costs of construction pose a serious risk to the success of future projects.
 
The Global Construction Survey also revealed that 75% expected demand to increase significantly over the next five years.
 
The survey said this could further the problem even more, as the pool of qualified contractors able to bid for projects will reduce. This will then mean a shortage of skilled labour, impacting the ability of teams to deliver projects on time and to budget.
 
KPMG partner Martin Newsholme said: "The 'war on talent' has for a long time now been a topic for boardroom agendas across the industry, with more and more firms seeking to tackle the apparent dearth of qualified workers. However, there is a clear threat that as this finite pool of skilled contractors get pulled in ever-increasing directions, projects are at a greater risk of not being delivered on time or to budget. This may have an adverse effect on both the quality of work being delivered and the reputation of the contractors themselves."