The Impact of the U.S. Labor Shortage on Home Builders
The home building labor shortage is at the forefront of most builders’ minds. In fact, 78% of builders say that labor is their number one concern.
How bad has the labor shortage gotten?
There are now 20% fewer people employed in the residential construction industry than 10 years ago. With fewer available workers, there’s a battle to retain qualified trades people. Poaching workers from other builders has become common practice. As a result, the price of labor is increasing, which is undermining the industry’s notoriously thin margins.