There is a problem in the broader world these days, where it is getting increasingly hard to find tradespeople. Parents push college on their kids, as do schools, as the path to a better life. But in the process, we have forgotten the impact of carpenters, electricians, and the like. Home improvement giant Home Depot (HD) is out to fix that with its Path to Pro program. Investors did not take this well, as shares slipped fractionally in Thursday morning’s trading.
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Path to Pro, a project between Home Depot and ServiceTitan (TTAN), is designed to find the next generation of skilled trade workers by trying to connect high school students to skilled trades jobs. With this program, ServiceTitan customers get access to the Home Depot Pro Xtra plan for contractor loyalty benefits, as well as access to skills program training, a resource hub, and even a hiring platform.
With around 400,000 open construction jobs in the United States right now, a clear shortage of skilled trades workers is in place. That is not lost on ServiceTitan’s chief marketing officer Brian Olshock, who noted, “The trades industry is facing a generational workforce challenge, and solving it requires bold collaboration. Through our partnership with the Home Depot’s Path to Pro program, we’re connecting our customers with talent, while helping to create a sustainable future for the trades by investing in the next generation of skilled professionals.”
Another Raid in San Bernardino
Meanwhile, out in California, some of those skilled trades workers who entered the United States illegally are facing more issues with federal agents. The reports noted that “as many as 10 people” were detained as part of an action at the Home Depot, revealed yesterday after the markets closed.
Interviews with some of the day laborers who had been detained revealed that the raids had become “…kind of a regular thing,” noted NBC4’s Christian Cazares. Why the raid happened, or why the individuals were detained, is unclear. But it was much clearer that this was the eighth such raid on that particular Home Depot.
Is Home Depot a Good Long-Term Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on HD stock based on 19 Buys and six Holds assigned in the past three months, as indicated by the graphic below. After a 6.57% loss in its share price over the past year, the average HD price target of $446.30 per share implies 15.98% upside potential.
