Lack of Skilled Labor Limiting Home Construction Expansion, Inventory, Affordability
A lack of skilled construction labor is a key limiting factor to expand home construction and improve housing inventory and affordability, according to The HBI Construction Labor Market Report based on research from the National Association of Home Builders.
Housing was a bright spot for the economy during the second half of 2020, as construction activity helped lead an economic rebound. However, sales outpaced home construction, resulting in growing backlog and supply-chain bottlenecks. For construction to expand further, more workers must be recruited and trained for the sector.