BlackRock provides $100M to address ‘urgent labor needs’ in skilled trades

BlackRock says it plans to use $100 million to expand economic opportunity and “power the next generation of America’s skilled trades workers,” according to a BlackRock press release.

Calling it “BlackRock’s Future Builders” initiative, and funded by The BlackRock Foundation, the company says it aims to help address urgent labor needs by connecting workers to skilled trades training, supporting them through completion and licensure, and helping participants build long-term financial security.

“Empowering millions to save and prepare for retirement is core to BlackRock’s mission, and strong career pathways are fundamental to that goal,” the release states.

“Over the next decade, employment in U.S. infrastructure-related skilled trades is projected to grow by more than 5% — outpacing the national average of 3% — representing hundreds of thousands of net new jobs. Matching the pace of demand for these skilled workers is essential to enabling the next phase of economic growth.”

Larry Fink, BlackRock chairman and CEO, adds,“Throughout our history, tradespeople have built our country. “America needs an estimated $10 trillion in infrastructure investment by 2033 to modernize aging systems and build new energy, digital, and AI infrastructure. Capital alone is not enough. People are central to building our nation’s future. By bringing policymakers, corporate leaders, and labor champions together, we’re helping ensure this growth delivers shared prosperity and greater economic mobility for more Americans.”

In the first phase, BlackRock’s Future Builders initiative will fund grants to nonprofit and workforce development partners across several states over the next five years, reaching 50,000 workers, according to the release.

“BlackRock will work alongside federal, state, and local governments, labor organizations, companies, and nonprofits to strengthen effective skilled trades programs and deliver these opportunities at scale,” the release states.

“The initiative will take a comprehensive approach — supporting pre-apprenticeship access, training completion and licensure — while embedding financial education and digital savings tools to help workers build durable economic security from their first paycheck through retirement. BlackRock will announce additional phases of Future Builders over the next 12 months.”

BlackRock says the initiative builds on its efforts to strengthen financial security for more Americans, including its Emergency Savings Initiative.

Since 2020, BlackRock says its philanthropic spending, including through The BlackRock Foundation, totals $354 million. Grants have supported over 250,000 people across the U.S., UK, and EU through education and workforce training programs, including recent skilled trades programs in Arkansas, Georgia, and Tennessee.

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Featured image: BlackRock’s office in Manhattan. (Credit: georgeclerk/iStock)