Labor Shortage to Hinder Housing Growth?

housebuilders  hawthorn brook group Ieland  constructionweekonline   creditWhile many housing numbers are showing sometimes staggered but overall general improvement, employment in the residential construction industry dropped by 6,100 jobs last month, the weakest numbers in five years. Residential specialty contractor jobs increased by 3,700 jobs, resulting in a net loss of 2,400 slots. The three-month moving average for combined home-building jobs indicates a gain of 5,100 for last month, but that was the lowest number in three years.

Neil Dutta, head of U.S. economics at Renaissance Macro Research, says it may be that contractors are pausing following a flurry of multi-family construction as pent-up demand shifts to single-family construction. That will imply a transition, or hand-off, period,” he said, according to what marketshare tells MHProNews.

Additionally, the National Association of Home Builders (NAHB) says many builders see labor shortages as a growing problem.

As housing demand is heating up amid lean inventories, boosting rents and home prices, we expect home building activity and residential construction employment to pick up,” said Doug Duncan, chief economist at federally controlled mortgage-finance giant Fannie Mae. “One concern is that builders may find it increasingly difficult to hire skilled workers without substantially raising wages, which are already increasing at a strong clip.” ##

(Photo credit: constructiononline-Hawthorn Brook Group)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily business News-MHProNews.

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