BlackRock Inc. on Wednesday announced a $100 million philanthropic initiative aimed at expanding workforce training and career pathways in U.S. skilled trades, as demand for electricians, HVAC technicians, plumbers, and other infrastructure workers accelerates.
The program, called Future Builders, will distribute grant funding through The BlackRock Foundation to workforce development organizations across multiple states over the next five years. BlackRock said the initiative is designed to support training programs, pre-apprenticeships and licensing while also providing financial education and savings tools for workers.
The company said the initiative aims to reach about 50,000 Americans entering or advancing in skilled trades roles tied to infrastructure sectors such as energy, transportation, and digital networks.
The announcement comes as the United States faces rising labor demand tied to infrastructure modernization and new energy and digital projects. BlackRock cited projections that employment in infrastructure-related skilled trades will grow more than 5% over the next decade, compared with about 3% growth for overall U.S. employment.
BlackRock CEO Larry Fink said the initiative is intended to help address workforce shortages tied to large-scale infrastructure investment.
“America needs an estimated $10 trillion in infrastructure investment by 2033 to modernize aging systems and build new energy, digital and AI infrastructure,” Fink said in a statement. “Capital alone is not enough — people are central to building our nation’s future.”
Under the first phase of the program, BlackRock will provide grants to nonprofit organizations and workforce training partners while working with federal, state, and local governments, labor groups, and companies to expand access to training and improve completion and licensure rates.
The initiative will also include financial education programs designed to help workers build savings and long-term financial security.
Industry groups said expanding the skilled trades workforce will be essential as infrastructure investment increases. Ruth Porat, president and chief investment officer of Alphabet Inc., said workforce development programs will be necessary as new energy and artificial intelligence infrastructure projects expand.
Leaders from the International Brotherhood of Electrical Workers (IBEW) and the National Electrical Contractors Association (NECA) said apprenticeship programs remain a key pipeline for electricians and other skilled workers supporting energy and digital infrastructure.
For wholesale distributors, a larger skilled trades workforce could translate into increased demand for construction and maintenance supplies tied to infrastructure projects. Distributors serving electrical, HVAC, plumbing and industrial markets often supply contractors and technicians working on energy systems, commercial construction, data centers, and other infrastructure projects.
An expansion in the number of trained electricians, HVAC technicians and plumbers typically drives higher demand for products such as wire and cable, fittings, valves, controls, fasteners, and safety equipment distributed through industrial supply channels.
The initiative builds on BlackRock’s broader philanthropic programs focused on financial security and workforce training. Since 2020, the company said its philanthropic spending — including through The BlackRock Foundation — has totaled $354 million, supporting more than 250,000 people through education and workforce initiatives in the United States, the United Kingdom, and the European Union.
BlackRock said additional phases of the Future Builders program will be announced over the next year. The initiative is being highlighted this week at BlackRock’s U.S. Infrastructure Summit in Washington, where policymakers, corporate executives and labor leaders are discussing strategies to accelerate infrastructure investment and workforce development.
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