BlackRock Signs Deal With Labor Unions for AI Construction Jobs

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Or sign-in if you have an account.(Bloomberg) — BlackRock Inc. signed an agreement with organized labor designed to line up construction workers for new data centers and energy projects, the latest effort by big investors to emphasize jobs created rather than replaced by rapidly growing artificial intelligence technologies. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe money manager and its AI Infrastructure Partnership — a $30 billion joint venture with Microsoft Corp. and other big technology firms — will share details about specific upcoming projects with North America’s Building Trades Unions, which represents more than 3 million skilled trade workers, according to a statement announcing the memorandum of understanding Monday. 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, according to the statement. BlackRock and NABTU also cited the benefits of “responsible contractor programs,” criteria often used to secure fair wages and working conditions, as well as project labor agreements, sweeping contracts that can accelerate hiring for big construction projects. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“The infrastructure buildout required to drive innovation is creating a once-in-a-generation opportunity to invest in American workers,” BlackRock Chief Executive Officer Larry Fink said in the statement. The agreement “reflects a shared belief that investing in critical infrastructure can strengthen America’s competitiveness while creating jobs, expanding economic opportunity and, ultimately, help more Americans experience financial well-being.”The announcement comes as data center projects face mounting opposition from communities concerned about the massive developments and broader societal worries about what the AI boom will mean for a swath of jobs and industries. Over the last year, finance and technology companies have committed to job training initiatives that they say will help address the shortage of skilled workers needed to build data centers, as well as fears about the future employment prospects of millions of Americans. Meta Platforms Inc. committed $115 million initially to a workforce training program that guarantees a job for all graduates. BlackRock in March announced a $100 million initiative 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. Like other major Wall Street investors, BlackRock is moving aggressively to provide financing for artificial technology. 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.Fink has said that AI will upend the workforce, warning 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.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.