Eye On Housing
Friday’s post described how, in the construction industry, job layoffs have plunged while unfilled job positions remain elevated (according to the government’s latest Job Openings and Labor Turnover report). If more evidence of a severe supply chain challenge is needed, the record percentages of NAHB members reporting labor shortages in recent surveys can provide it. Let’s turn first to the… Read More ›
NAHB analysis of the most recent 2017 American Community Survey (ACS) data reveals that the median age of construction workers is 42, a year older than a typical worker in the national labor force. Aging construction workers and the ongoing labor shortage are two major headwinds for home builders and the overall construction industry. As home building sector continues its… Read More ›
In response to NAHB’s Remodeling Market Index (RMI) survey for the 3rd quarter of 2018, roughly 85 percent of remodelers reported shortages of workers available to perform finished or rough carpentry, and nearly half (48 percent) classified the shortage of finished carpenters as serious. Although these percentages are down slightly from a year earlier, they remain seriously elevated. The RMI… Read More ›
Last Thursday’s post reported on the record share of single-family builders reporting shortages of labor and subcontractors.in the July survey for the NAHB/Well Fargo Housing Market Index. The same survey asked builders about the effects the shortages were having on their businesses. The most widespread effects were causing builders to pay higher wages/subcontractor bids (reported by 84 percent of builders),… Read More ›
Labor and subcontractor shortages became even more widespread in July of 2018 than they were a year earlier, according to single-family builders who responded to special questions on the survey for the NAHB/Well Fargo Housing Market Index. The July 2018 survey asked builders about shortages in 15 specific occupations that were either recommended by Home Builders Institute or other key… Read More ›
Ninety-one percent of remodelers reported shortages of labor available to perform finished or rough carpentry work, and over 40 percent said these shortages were serious, in response to special questions on NAHB’s Remodeling Market Index (RMI) survey for the 3rd quarter of 2017. The RMI survey asked remodelers about availability of labor in 15 specific occupations that were either specifically recommended by Home Builders… Read More ›
The new NAHB estimates show that the average congressional district has more than 8,800 residents working in residential construction but that number is often significantly higher. In Montana’s single Congressional district, close to 20,600 residents are in home building. The latest estimates of home building employment, including self-employed workers, by congressional district highlight the importance of home building to voting… Read More ›
From the trough of the housing downturn in 2010 through 2015, the number of homes under construction increased by 131 percent and the number of employees working in construction trade businesses increased by 18 percent. Over that span, how much would you guess the number of one-person construction trade firms increased? The answer, believe it or not, is not at all. … Read More ›
Labor and subcontractor shortages have become even more widespread in July of 2017 than they were in June of 2016, according to single-family builders responding to special questions on the NAHB/Wells Fargo Housing Market Index (HMI) survey. The July 2017 HMI survey asked builders about shortages in 15 specific occupations that were either recommended by Home Builders Institute (NAHB’s workforce development arm)… Read More ›
As described in a previous post, employment in the residential construction industry reached 2.68 million in January of this year. Although this is still well short of the 3.45 million at the peak of the boom in 2006, it nevertheless represents an increase of more than 700,000 jobs since the employment trough of the Great Recession in 2011. This raises… Read More ›