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The construction worker shortage is just getting worse—here's why

Story by Elena Cox •4d


The U.S. is short about 4.3 million homes, according to recent estimates from Zillow, a key reason buying a home has gotten more expensive. But the simplest solution, to build more houses, has a flaw—there's no one to build them.

"In the wake of the Great Recession, the residential construction industry lost 1.5 million jobs. Tens of thousands of homebuilders went out of business. The workforce really fell," explained Robert Dietz, chief economist at the National Association of Home Builders. "Building that kind of infrastructure and human capital takes time. Years later, we're still clawing our way back."

With fewer workers, building homes is taking longer than ever. In 2022, it took an average of 8.3 months to build a single-family home, the longest since the Census Bureau began collecting data in 1971. And as the saying goes: Time is money. So even with stagnating wages, it costs more to build a house—costs that ultimately are passed on to the buyer.

Even as the housing market cools and fewer people are buying homes, the sector needs to add 723,000 jobs per year to keep up with demand, according to an analysis from the National Association of Home Builders. In the first half of 2023, homebuilders added 2,000 new workers per month on average.

In other words, builders must bring on 30 times the number of new hires than the current pace. Builders are trying; so far this year, there have been 350,000 construction jobs available every month on average, according to the Bureau of Labor Statistic's Job Openings and Labor Turnover Survey.

Stacker looked at the state of employment in the home construction industry and reasons for the shortage using data from the Labor Department, the National Association of Home Builders, the Department of Education, and other sources.


Link.

The construction worker shortage is just getting worse—here's why (msn.com)







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