NORTH WILKESBORO (dpa-AFX) - The Lowe's Foundation, the charitable arm of Lowe's Companies, Inc. (LOW), on Tuesday announced plans to invest $250 million to train and develop 250,000 skilled tradespeople by 2035, increasing its workforce commitment five-fold.
The expanded initiative comes in response to a growing shortage of skilled trades workers, with the construction industry requiring hundreds of thousands of additional workers to meet demand.
The new goal builds on the foundation's earlier $50 million commitment announced in 2023.
Nearly $53 million has already been invested across 65 nonprofits and community colleges.
The foundation is on track to meet its initial target ahead of schedule.
The initiative also includes enhancing career pathways through partnerships such as with the National Center for Construction Education and Research to connect students and job seekers with training and employment opportunities.
In addition, the foundation will promote skilled trades careers through a new three-part television series, 'Building Back America's Trades,' set to premiere on April 11, showcasing aspiring tradespeople and their mentors.
In the pre-market trading, Lowe's Companies is 0.73% lesser at $233.51 on the New York Stock Exchange.
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