Featured News

Huge shortfall of construction workers hits homebuilders hard

Home builders are struggling to keep up the pace of construction due to a reported 200,000 unfilled construction jobs in the U.S, Reuters reported this weekend.

According to the National Association of Homebuilders (NAHB), the number of unfilled jobs in the sector has shot up to 81 percent in the last two years, which means that numerous construction projects have fallen behind schedule.

The NAHB adds that escalating labor costs, and a trend among construction firms towards building more expensive, and more profitable, homes, is hurting the economy. In turn, entry-level homes are becoming much sought after and difficult to find, which means that many first-time buyers are unable to find a suitable home within their budget. It's hitting debt-ridden millennials particularly hard, the NAHB says.

The NAHB says contractors across the country are scrambling to find suitably qualified workers, and some companies are even going as far as to hand out flyers at sporting events, schools and churches in an effort to recruit fresh labor. The most in-demand trades in many areas are carpenters and electricians, and as a result some state municipalities are now offering government-funded training courses to get more people into the industry. But experts say it's not enough.

The huge demand for new homes led to a nine-year sales high in July, raising fears that some construction firms could be forced to delay or turn down new projects if something doesn't give.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

Recent Posts

A Brief Guide to CMB Securities

Commercial mortgage-backed securities (also known as CMBS) are a type of fixed-income security forming 2%…

4 hours ago

How Important Are Real Estate Reviews? 5 Things to Know

Research from 2018 showed that only 11% of Americans trusted real estate agents. Much of this came…

12 hours ago

How ChatGPT Can Be a Great Marketing Tool for Agents

The global advertising industry was worth $590.3 billion in 2021 and has grown since then. This includes…

13 hours ago

A suppliers guide to marketing to estate agents

There are many factors that can differentiate one estate agent supplier from the next, so…

2 days ago

Digital Curb Appeal: The Secret to Showcasing Properties Properly Online

In the real estate sector, it’s well-known that the value of curb appeal simply can’t…

3 days ago

Tips for Building a Good Credit Score to Buy a House

The journey towards homeownership starts with a good look at your credit score. You'll likely…

4 days ago