BlackRock has officially signed a deal with labor unions to secure construction jobs for new data centers and energy projects, as reported by Bloomberg on Monday. The agreement builds on the Memorandum of Understanding (MOU) signed with North America's Building Trades Unions, which represents more than 3 million skilled trade workers. The money manager and its AI Infrastructure Partnership - a $30 billion joint venture with Microsoft Corp. and other big technology firms will continue sharing details about specific upcoming projects with NABTU. By working with NABTU on future hiring needs, BlackRock portfolio companies are more likely to have the workers needed to complete data center and energy projects.
BlackRock CEO Larry Fink emphasized the opportunity created by AI infrastructure buildout, stating that "the infrastructure buildout required to drive innovation is creating a once-in-generation opportunity to invest in American workers." As reported by Bloomberg, the agreement aims to support the growth of domestic infrastructure, expand workforce participation opportunities, and strengthen America's competitiveness while creating jobs, expanding economic opportunity and helping more Americans experience financial well-being. The partnership includes benefits of "responsible contractor programs" and project labor agreements, which can accelerate hiring for big construction projects and often secure fair wages and working conditions.
Over the last year, finance and technology companies have committed to job training initiatives addressing skilled worker shortages. According to Bloomberg, Meta Platforms Inc. committed $115 million initially to a workforce training program that guarantees a job for all graduates. BlackRock announced a $100 million initiative in March to help train 50,000 Americans for skilled trade jobs, including plumbers and electricians, and joined with Ford Motor Co., Carhartt and Alphabet Inc. on another job training program. These initiatives are designed to help address the shortage of skilled workers needed to build data centers and address fears about the future employment prospects of millions of Americans.
BlackRock is moving aggressively to provide financing for artificial intelligence technologies, as reported by Bloomberg. The company struck a deal with Meta last month to build a data center in Texas that will cost about $14 billion. Late last year, Global Infrastructure Partners, alongside the AI Infrastructure Partnership and Abu Dhabi's MGX, led the acquisition of Aligned Data Centers in a $40 billion deal. CEO Fink has warned that AI will upend the workforce, stating in March that the technology threatens to exacerbate wealth inequality unless more individuals invest in the market and reap what he expects will be considerable financial gains.
