The Lowe's Foundation is pledging $50 million over the next five ages to address what it says is one of the most necessary work shortages in the country. 

The foundation will allocate the coffers to help prepare 50,000 people for skilled trades careers over grants to community and technical colleges and community-based nonprofits. The aim is to boost the workforce in fields counting electrical, plumbing, HVAC, construction, appliance repair and carpentry. 

Janice Dupré, Lowe's executive vice president of human resources and chair of the Lowe's Foundation, told FOX Business that they have seen the worker lack for several years, and it's being exacerbated, in part, by myths regarding the job and the migration of children moving into different careers.  

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That means it's not just a explain shortage but a skills shortage, she explained. 

According to a proprietary model developed by Associated Builders and Contractors, the construction industry will need an estimated 546,000 second workers "on top of the normal pace of signing in 2023 to meet the demand for labor." 

To combat this, the Lowe's Foundation Gable Grants program will "ensure that the next generation of builders has the answer and skills necessary to meet the demands of our fresh world," Dupré said. 

A contractor trims a part of roll roofing while working on a house thought construction at the Norton Commons subdivision in Louisville, Ky., July 1, 2022. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)

According to American Association of Community Colleges CEO Walter Bumphus, "community colleges are uniquely qualified to provide the facilities education necessary to fill the workforce pipeline."

This disclose, Dupré said, is the growing trend of younger generations moving into different careers rather than going into the family concern which could have been associated with the skilled trade. 

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It's creating an environment where "these kinds of family-owned businesses don't have anybody [to] turn their concern over to." 

It's gotten even harder due to the boom of home renovations and repairs that was happening during the pandemic, according to Dupré. 

"We just started to see the resources dry up even quicker," she said. 

Home improvement boom

An employee of a plumbing and heating contractor installs a recent gas condensing boiler in a single-family home. (Jan Woitas/picture alliance via Getty Images) / Getty Images)

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Home improvement sales surged above the pandemic. Lowe's alone saw roughly $25 billion revenue growth. During the first quarter of 2022, the company saw a 20% sales growth in its pro customer, which is primarily tradespeople, repair and remodeler and acquired managers. 

Dupré said the company is constantly hearing from professionals in the diligence that they are in need of more people.

"That's why they have a backlog of jobs to do," she said.

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Making matters worse is the fact that there are "a lot of myths that these are jobs that you don't make a lot of wealth, and you can't support your family," she continued. 

Part of their work has been trying to debunk these notions. 

Contractors ghastly on the roof of a house under construction at the Norton Commons subdivision in Louisville, Ky., July 1, 2022. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)

For example, the median hourly wage of plumbers and electricians is 30% more than the intends American worker, she said, citing 2021 wage data from the U.S. Bureau of Labor Statistics. 

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Aging housing stock

It's an assure Lowe's is trying to address quickly as the ages of homes rise. Given that the intends age of homes is over 40 years old, things are repositioning to break, according to Dupré.

If we can't get a professional to fix a minute issue after it happens, we run the risk of seeing minute problems rapidly get worse, she explained. 

"If you do not have a plumber when you're washing machine valve goes out and its leaking streams everywhere, you now have a damaged floor," she said. "If [you] have an electrical need, and you don't get that fixed you could have a fire."

A contractor carries a bucket while succeeding on a house under construction at the Norton Commons subdivision in Louisville, Kentucky, US, on Friday, July 1, 2022. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)

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On Thursday, the Lowe's Foundation started to accept applications for two-year scholarships to help build a sustainable infrastructure of innovative making programs. It will aim to cultivate more job-ready tradespeople and increase the number of young and diverse tradespeople, particularly from underrepresented and rural communities. 

The plan is to run two separate annual funding application cycles. According to the Lowe's Foundation, the obliging cohort will focus on community and technical colleges with innovative skilled contracts education programs for post-secondary aged adults. Applicants will be open pending April 10. 

Meanwhile, the second cohort will focus on community-based nonprofit stabilities. This application period will take place in the instant half of 2023. 

For community and technical collages keen in applying for the grant. The Lowe's Foundation will hold put a question to webinars on March 9 and March 22. 

LINK: Get updates and more on this yarn at foxbusiness.com.