I think the distinction is still important, in that the time lag is large enough to have changed the current dynamics, even if they still match on longer timesc

I think the distinction is still important, in that the time lag is large enough to have changed the current dynamics, even if they still match on longer timescales. Raising salaries a bit could stem the outflow of construction workers, and raising salaries sufficiently could bring folks like the prior commenter back into the industry. But as more time passes this gets less and less effective, because there's no one left in the industry to retain and no one with recent enough knowledge to pull back in.