The global economy is entering a crucial phase of infrastructure sector expansion. The transition to low-carbon energy systems, the rapid advancement of artificial intelligence and data centers, and the reconfiguration of global supply chains are driving one of the most significant infrastructure investment cycles in recent history.
Estimates from public and private institutions indicate that investment needs will remain high in the coming decades. In this context, BlackRock estimates that the world will need approximately US$85 trillion in infrastructure over the next 15 years.
However, as attention increasingly focuses on capital mobilization, a fundamental constraint comes to the forefront: labor. Financing alone is no longer sufficient to implement the infrastructure that the global economy demands.
The ability to execute projects — particularly the availability of skilled workers in the construction, engineering, energy, and advanced manufacturing sectors — is emerging as a major bottleneck.
This infrastructure cycle differs significantly from previous cycles. Investment is increasingly concentrated in technologically complex assets—from renewable energy systems and power grids to data centers and digital networks—where timelines, productivity, and operational resilience depend heavily on workforce quality.
In this context, the shortage of skilled labor not only delays projects, but also increases costs, reduces returns, and limits the pace of infrastructure implementation.
In several Latin American markets, large-scale investments in renewable energy generation and data center infrastructure are progressing in parallel. The execution of these projects requires not only financing but also an increasingly specialized technical workforce—from network integration to advanced electrical and mechanical systems—highlighting the close link between infrastructure outcomes and human capital development.
This dynamic reinforces the importance of considering infrastructure investment as part of a broader ecosystem, and not as an isolated asset class. Capital allocation must be accompanied by investments in professional training, education, and workforce development, which often requires coordination between the private sector, governments, and educational institutions.
Regions that manage to align financial capital with the development of human capital will be better positioned to translate investment into lasting economic and productivity gains.
There are also broader macroeconomic implications. At a time when many economies are facing aging populations and structural constraints in the labor market, the expansion of skilled professions and technical capabilities can support growth, increase competitiveness, and strengthen the transmission of large-scale investments into real economic outcomes.
Ultimately, the next phase of global infrastructure expansion will be defined not only by the availability of capital, but also by its execution.
Bridging the gap between financial ambition and physical delivery will require a renewed focus on people — ensuring that the workforce needed to build the future evolves in tandem with the capital available to fund it.
Aitor Jauregui is the head of BlackRock for Latin America.
