Ford CEO Jim Farley teams with Jamie Dimon on $2 billion initiative as he fears the ‘backbone of the American dream’ is crumbling
The State of America’s Skilled Trades report finds that employers will need to fill about 1.7 million skilled-trades openings each year through 2035.
Ford CEO Jim Farley has joined with JPMorgan CEO Jamie Dimon to launch a $2 billion initiative aimed at addressing the skilled-trades shortage in America. Farley, whose grandfather was a mechanic and father grew up around cars, sees the shortage as a threat to the "backbone of the American dream." The Alliance for America's Skilled Trades, a corporate coalition including Ford, BlackRock, Google, and Carhartt, released a report detailing the region-specific nature of the skilled-trades shortage.
Ford and JPMorgan have pledged $1 billion each to fund the Michigan LIFT initiative, which aims to award contracts to participating suppliers over the next decade and provide financing for suppliers. A new online tool, the America's Skilled Trades Dashboard, will compile data on the skilled-trades shortage. The report estimates that employers will need to fill about 1.7 million skilled-trades openings each year through 2035, with nearly one-quarter of skilled-trades workers over 55 and a lack of completion rates in training programs.
The Alliance recommends improved completion and placement outcomes, additional supports for trainees, and better planning for large projects.
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