Home Depot to Donate $50M to Train Construction Workers

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Home Depot Inc (NYSE:HD) announced that the company will be shelling out $50 million to train construction workers in order to boost the industry.

Home Depot

The home improvement retailer announced Thursday that it will be donating $50 million to train 20,000 people as construction workers over the next 10 years in order to counteract the recent shortage in home building that has increased the prices of houses.

The Home Depot Foundation is tapping into the Home Builders Institute, which is the industry’s education arm, and will use its own money to train veterans and U.S. Army soldiers who are one their way back to civilian youth, as well as high school students and disadvantaged youth.

“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 said that it also teams up with service providers that install kitchen flooring, hot water heaters and other equipment in the homes of consumers.

Home Depot sales will be on the decline if contractors and partners are unable to find enough workers to take on these projects. Sales to plumbers and other tradespeople make up 40% of the company’s revenue.

The move will take place on top of the $250 million donation through 2020 that Home Depot is making to provide housing to veterans.

HD stock fell 0.8% on Thursday.


Article printed from InvestorPlace Media, https://investorplace.com/2018/03/home-depot-construction-workers/.

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