Tag: construction labor shortage
The US economy has been enjoying a historic run. Since June 2009, the upturn is set to be the longest in US history if it can last until June. The one area that is lagging is new home sales. The season? A lack of entry-level homes that are priced within reach of the 19.4 million who have entered the workforce since 2009.
The construction labor shortage has made it obvious that the building industry, characteristically reticent to accept change, is ripe for a revolution. The consensus seems to be that modular, offsite construction is the way forward resulting in modular startups getting the most funding in the tech building arena. Construction tech companies have already enjoyed a… Read more »
The construction industry is one of the most labor-intensive in the US which is why a tightening of immigration regulations poses a problem. One report found a 67% decline in Mexican immigrants which led to there being 570,000 fewer Mexican-born construction workers than there were in 2007. Workers in the construction industry have returned to… Read more »
One of the many reasons for the growing housing shortage in the US is that people are “aging in place”. According to one study, people stay in their homes twice as long as they did in the 1920s. Homeowners aren’t updating their homes before placing them on the market, leaving buyers with unsatisfactory choices. “We… Read more »
The building industry is not keeping up with demand. Labor shortages mean not enough new homes are being built and that results in higher prices. The number of workers who are 24 and under has declined by 30% in 48 states, according to the analysis of U.S. Census data by Issi Romem, chief economist at… Read more »
There is a pervasive myth that millennials will be a generation of renters. While they are off to a late start, millennials are investing in starter homes faster than the construction industry can build them. The perception that younger home seekers would rather rent than buy may have been true during the housing recession years,… Read more »