- BlackRock CEO Larry Fink is worried that America is about to run out of electricians. But with more Gen Zs swapping corporate careers for trade jobs, that gap might just close.
BlackRock’s CEO Larry Fink is worried about the future of the U.S. economy, especially when it comes to inflation and the mass deportation of workers—so much so that he took his concerns all the way to the White House.
“I've even told members of the Trump team that we're going to run out of electricians that we need to build out AI data centers. We just don't have enough,” Fink said to an audience at CERAWeek, an S&P Global energy conference hosted in Houston.
While an AI-first future may seem inevitable thanks to the popularity of generative technologies like ChatGPT, it will only succeed with an expansion of data centers—and electricians are one of the most critical professionals in the construction pipeline.
The U.S. Department of Energy estimates data centers could consume up to 12% of total U.S. electricity by 2028, up from just 4.4% in 2023.
Demand for electricians is expected to grow by 11% over the next decade, according to the U.S. Bureau of Labor Statistics. And with immigrants making up over 100,000 of electrical roles in the U.S. alone, alongside hundreds of thousands of union electricians reaching retirement age, the profession is being faced with a perfect storm that could have far-reaching effects.
“Are we going to have enough workers?” Fink said.
The short answer is no. A labor shortage is already underway globally, with more workers looking for jobs than are available. “Nationalistic policies,” as Fink describes moves by the Trump administration to mass deport illegal immigrations—many of whom are part of the workforce—may only worsen the labor shortages in the U.S. and hinder the ability for industries like technology to be leaders in innovation.
But not all might be lost, thanks to some younger Americans catching on.
Gen Z heard the skilled trade battle cry—and they may be coming to the rescue
Gen Z grew up watching the tech industry in awe, and many aspired to one day work at a top company—whether it be Apple, Google, or Microsoft. However, gradually, the generation has been pushed away, thanks to layoffs, hiring freezes, and a cultural shift in Silicon Valley.
Students are warming up to the fact that the skilled trade industry may be worth it instead, with one survey finding that 55% of Gen Zers are considering a skilled trade career path. Moreover, enrollment at vocational-focused community colleges increased 16% in 2023—the highest level since the National Student Clearinghouse began tracking data in 2018.
The field can bring many perks, including the potential to make a high-paying salary—sometimes more money than a 4-year-college degree graduate. Plus, a role can avoid the debilitating pain of thousands of dollars in college debt or the fear of being replaced by AI.
Social media, too, is driving students to professions like construction workers, electricians, and plumbers. Two union electrical apprentices described their profession in a viral Salary Transparent Street TikTok video: “You get paid to go to school, you get paid when you’re at school, and when we graduate, we’ll make $109,000 a year.”
