Growing Shortage of Construction Workers A Concern for Contractors
More evidence emerges about the growing shortage of skilled workers in the construction sector. Although home construction has slowed down primarily due to bad weather conditions, some actually blame it on the increased cost of labor associated with the shortage.
The first time the shortage became apparent was in March 2013 when a NAHB/BEC survey showed that close to 50% of polled construction companies experienced “some or serious shortages of framing crews and carpenters.” The result was higher home prices, delayed projects and lost sales.
Experts thinks that the Great Recession of 2008 is mostly to blame for the shortage. Since the sector lost many jobs, a lot of the newly unemployed people moved to other industries. Yet, when home construction turned upwards again in 2012, many of the previous workers didn’t follow suit.
The full implications of the shortage are not yet clear. According to Thomas Vitlo of CoreLogic the “construction industry is either going through a fundamental change or it is self-correcting to a more sustainable level of employment.”
Read the full story at AOL.
Latest posts by Victor J. Lance, President/Owner (see all)
- D.C. Requires Real Estate Appraisal Management Companies to Post a Bond - November 11, 2019
- New Bond Regulations for Oil and Gas Wells in Georgia - October 24, 2019
- NY Introduces Permanent Licensing Requirements for Mortgage Servicers - October 23, 2019