<ul><li>New York construction firms are increasing pay and benefits to compete in a tight labor market, as per a new study by The Bonadio Group.</li><li>Due to higher construction costs, firms are passing along costs to clients or delaying projects, with overall and nonresidential input prices up by 0.8% compared to last year.</li><li>To attract and retain talent, companies are investing in workforce development programs, flexible work options, and mental health resources.</li><li>Despite efforts, many contractors are not utilizing available tax credits like the Work Opportunity Tax Credit, which could help relieve cost concerns.</li></ul>

New York contractors boost pay, benefits to fight labor shortages

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