House Labor Construction remains a significant limiting factor, with a new report from the Home Builders Institute warning that the housing industry has been hit hard by inventory shortages. There is a severe shortage of skilled workers and nowhere. Near a long-term solution.
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The shortage of construction workers has reached a critical level. The situation will become even more difficult next year when other industries recover and offer competitive wages and benefits to potential employees.
As housing project demand has outpaced supply in the last 12 months, builders have been unable to build new homes due to supply chain constraints and rising land prices. According to the report, the industry will need to add 740,000 workers each year to maintain demand at current rates.
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The construction industry needs more than 61,000 new employees every month if we want to sustain the growth of the industry and the loss of workers, whether it is due to retirement or simply leaving the sector for good.
From 2022 to 2024, this represents an additional 2.2 million new hires needed for total cost construction. That’s a staggering number. The report warns that even if these other barriers are overcome, there is a risk that the wage problem will persist. Between 300,000 and 400,000 jobs are open in construction.
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And even when wages in this sector are higher than the average of other industries, there seems to be no short-term solution to the House labor Construction problem. Within the construction workforce, the HBI identified other potentially alarming trends, many of which preceded the epidemic and the ongoing housing crisis.
Workers are less likely to be self-employed in 2021 than they were a decade ago, and that number has dropped by 4%. They are also more likely to be older or younger, and the proportion of workers between the ages of 25 and 54 is declining.
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Brady says the only long-term solution is to start investing in education, raising new workers from an early age, and promoting greater interest in these businesses. We need to train the next generation of skilled construction businessmen.
One of our most important jobs as an industry is to work with parents, teachers, and students, from the high school years, to show that young people maintain the promise of the best jobs and careers in business.