Industry leaders gather at NASDAQ to discuss technology solutions for construction's most pressing workforce challenges

New York, Apr 29, 2025: In the heart of New York's financial district, construction technology took center stage as NASDAQ played host to a significant milestone in the industry's digital evolution. The event celebrated Lumber's growth in the Construction Technology space and formally announced their strategic acquisition of BuilderFax, a move that industry experts believe could revolutionize how construction workforce credentials are managed and how skilled craft professionals advance their careers.

A Powerful Combination to Address a $30B Problem

The acquisition, officially announced on May 1st, brings together two complementary platforms at a critical moment for the construction industry. Lumber, already recognized as a leading construction workforce management platform, has incorporated BuilderFax's specialized credential management system to create what many attendees described as a "first-of-its-kind solution" to address workforce challenges that have long plagued the industry.

"After 45 years in construction, I founded BuilderFax to give skilled craft workers ownership of their professional achievements and credentials," said Kirk Samuelson, founder of BuilderFax and former Senior Vice President at Kiewit Corporation. "By joining Lumber's AI-powered platform, we're creating a comprehensive solution that helps companies operate efficiently while empowering workers to build sustainable careers. This integrated approach directly addresses our industry's pressing labor challenges by improving retention and reducing turnover across the construction sector."

The timing could not be more crucial. According to FMI Corporation's 2023 Labor Productivity Study, U.S. contractors suffered losses of up to $40 billion in 2022 alone due to labor inefficiencies. This staggering figure underscores the urgent need for innovative solutions in an industry that continues to face significant skilled labor shortages.

The Roundtable: Industry Leaders Confront Workforce Challenges

Following the NASDAQ Opening Bell ceremony and a spectacular takeover of the NASDAQ Tower, industry leaders gathered for a roundtable discussion hosted by Kirk Samuelson. The discussion brought together executives from prominent organizations including Rosendin, National Electrical Contractors Association (NECA), Construction Industry Resources, Galindo & Boyd Wall Systems, Pylon Building Group, and many others.

The roundtable focused on addressing key challenges in the construction industry, particularly workforce retention and career progression. Participants highlighted the project-based nature of construction work, which often creates a sense of workers being "worked out of a job" and lacks clear career progression paths.

Reggie Torbor, President of Pylon Building Group and former NFL player, brought a unique perspective to the discussion. Drawing parallels between professional sports and construction, Torbor emphasized "the importance of improving the perception of construction careers, casting a wider net for talent, and being willing to question and reevaluate traditional practices."

Digital Solutions for Real-World Problems

The combined Lumber-BuilderFax platform addresses several pain points identified during the roundtable discussion:

1. Credential Verification: The system streamlines the process of verifying and certifying workers' skills and training, significantly reducing the time and cost associated with onboarding new employees.
2. Worker Engagement: Lumber's badging system and gamification engine are designed to incentivize positive outcomes and drive engagement, particularly with younger workers who respond well to technology-based recognition.
3. Communication Gap: The platform includes a messaging application to improve communication between office staff and field workers, addressing a disconnect frequently mentioned during the roundtable.
4. Career Progression: By creating a digital record of achievements and certifications, craft workers can now take their credentials from one employer to another, driving personal value and career advancement.

Shreesha Ramdas, CEO and Co-founder of Lumber, emphasized the critical timing of the acquisition: "This acquisition comes at a critical moment for America's skilled workforce. The national shortage of electricians is threatening our infrastructure growth, and we see similar challenges across all construction trades. By combining our AI-powered platform with BuilderFax's credential management capabilities, we're streamlining workforce management and supporting a national imperative to develop, certify, and retain skilled trade workers who will literally build America's future. When credential management fails, workers lose jobs, and projects stall. Our integrated solution addresses this $12 billion problem while strengthening the career paths of craftspeople nationwide."

Key Benefits and Future Developments

The integration offers several key benefits that directly address issues raised during the roundtable:

• Free Access for Craft Workers: The application will remain free for all craft workers, allowing them to manage digital credentials that previously existed only as paper certificates across multiple disconnected systems.
• On-Site Experience Ledger: Employers can now validate on-site experience, making workforce skills more transparent and measurable.
• Administrative Efficiency: The platform connects credential data with time tracking, scheduling, and payroll to boost productivity and reduce overhead.
• Career Development Tools: Workers gain access to resume builders, personalized guidance, union job boards, and training pathways based on their credentials and job data.
• Strategic Educational Partnerships: The company announced new partnerships with vocational schools that will pre-install the app on student tablets, supporting direct career entry and certification tracking.
  

The roundtable also generated additional ideas for future development:

• Production tracking capabilities to enable performance-based pay for craft workers
• Implementation of bonus programs to motivate and retain younger workers
• Mental health support strategies
• Prevailing wage compliance checks
• Integration with safety observation technology
• Employer feedback features for employee growth
• AI capabilities for proactive compliance monitoring and predictive analytics
• Potential integration with equipment manufacturers for credential verification

Changing Perceptions and Recruiting the Next Generation

A significant portion of the discussion focused on improving the perception of construction careers, especially among younger generations. The roundtable noted how perceptions have evolved over time, from the outdated view that construction was for those "not smart enough for college" to today's reality of construction offering stable careers with growth potential and increasing technological sophistication.

Participants discussed the importance of intentional outreach to diverse candidates and starting recruitment efforts earlier, even at the high school level. The group explored the potential for craft internship programs similar to existing college internship programs, acknowledging that "recruitment is starting younger!"

The Lumber-BuilderFax platform aims to support these efforts by making construction careers more appealing through technology integration, clear credential pathways, and tools that showcase the professional nature of skilled trade work.

Industry Impact and Reception

The reception to the announcement was overwhelmingly positive among the industry leaders present. Many viewed the integration as addressing a critical gap in the construction ecosystem by connecting workforce management, credential verification, and career development in a single platform.

"When we started Lumber, the vision was clear: Empower the Construction Workforce," noted Lumber's founder in a post following the event. "That mission continues to drive us forward, and yesterday at Nasdaq, it felt more alive than ever. Having over 25 construction leaders discuss workforce challenges openly and collaboratively brainstorm solutions was incredibly fulfilling. Moments like these give national visibility to the real issues our industry faces — and just as importantly, to the people working hard to solve them."

Looking Ahead

The acquisition strengthens Lumber's position as a workforce innovation leader and addresses one of the construction industry's most urgent challenges. By combining credentialing, AI, and workforce management into a unified platform, Lumber is setting a new standard for how skilled labor is supported, certified, and deployed.

As the construction industry continues to evolve and face new challenges, technology solutions like the Lumber-BuilderFax integration represent a promising path forward. The NASDAQ event not only highlighted the specific capabilities of this new combined platform but also underscored the industry's broader commitment to improving workforce conditions, career pathways, and operational efficiency.

With construction firms nationwide struggling to attract and retain skilled workers, solutions that address both employer needs and worker career development could prove transformative. If successful, the Lumber-BuilderFax platform may help redefine how the next generation views construction careers – not as temporary jobs, but as technology-enabled professional pathways with clear progression, recognition, and long-term value.

About Lumber: Lumber is the industry's leading all-in-one construction workforce management platform that streamlines payroll, time tracking, safety, compliance, field productivity, rewards, and recognition. Designed for specialty contractors, Lumber's AI-driven platform emphasizes compliance and safety, providing complete customization and deep tech stack integration.

About BuilderFax: BuilderFax is a digital credential management platform that allows construction craft workers to securely store, track, and share their certifications, training records, and qualifications with employers. Founded by construction industry veteran Kirk Samuelson, BuilderFax empowers workers to take ownership of their professional development while providing employers with verified qualification data.