Construction worker shortage has reached “crisis” levels

Housing Wire

To keep pace with current construction demand, and account for attrition, 740,000 new construction workers are needed each year for the next three years , a report by the Home Builders Institute contends. million new hires for construction.

Construction a bright spot in weak September jobs report

Housing Wire

After losing 3,000 jobs in August , the construction sector added 22,000 jobs in September. However, construction employment is still 201,000 jobs below its February 2020 level. The average hourly earnings of production and non-supervisory employees in construction are up 5.8%

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Residential construction jobs still haven’t returned

Housing Wire

For the second month in a row the construction sector added jobs, rising by 44,000 jobs in October. Unfortunately for the residential housing sector, most of these jobs were in nonresidential specialty trade contractors (19,000), and in heavy and civil engineering construction (12,000). Construction employment is still 150,000 jobs below its February 2020 level. The post Residential construction jobs still haven’t returned appeared first on HousingWire.

New home construction shoots up 22.6% in July

Housing Wire

New home construction continues to climb, as privately owned single-family housing starts in July were at a seasonally adjusted annual rate of 1.496 million, a 22.6% The post New home construction shoots up 22.6%

Reimagining How Construction Companies Capture Progress Tracking

Speaker: Felipe Engineer-Manriquez, Christopher Gagliardi, George Hedley, and Jason Nichols

Join our esteemed panelists for their discussion on the importance of progress tracking which ultimately touches upon every digital aspect within the construction cycle. Our thought-leaders' years of experience on the job sites can help you build a better future at your company.

Construction Layoff Rate Dives

Eyes on Housing

What had been, in prior years, a challenge in certain sectors, like construction, continues as. The labor market continues to tighten. In the September BLS Job Openings and Labor Turnover Survey (JOLTS) data, the national number of job quits for all sectors (4.4

Shortage of construction workers hits “crisis level”

Realty Biz

Anyone looking for a career change that doesn’t have the advantage of a college degree could do a whole lot worse than retraining as a construction worker. million new hires for construction,” he added. Brady said the construction worker shortage has now reached a “crisis level”.

Increase in housing starts has construction playing catch-up

Housing Wire

Duncan noted the pace of new home sales over the past six months has accelerated more quickly than the construction pace, suggesting homebuilders will have to play catch up relative to sales going forward.

Median Age of Construction Workforce

Eyes on Housing

NAHB analysis of the most recent 2019 American Community Survey (ACS) data reveals that the median age of construction workers is 41, the same as a typical worker in the national labor force. The median age of construction.

Residential Construction Loan Growth

Eyes on Housing

The second quarter of 2021 marked the second consecutive quarter of loan growth for residential construction loans. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions increased by 4.9%

Home Builders Ramp Up Construction Based on Demand

Keeping Current Matters

Early indicators show new-home construction is beginning to ramp up. Evangelou refers to the volume of new homes where construction began during a set period, known in the industry as housing starts. Thus, housing construction is trending upward with housing starts likely to reach 1.6

HBGI Shows Suburban Shift for Multifamily Construction

Eyes on Housing

Read More › Economics apartments COVID-19 exurbs home building geography index housing demand housing preferences multifamily construction single-family construction suburban townhouse construction

Year-over-Year Gains for Townhouse Construction

Eyes on Housing

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction in the third quarter of 2021 continued to show year-over-year construction increases.

Construction Loans Slightly More Available, But at Higher Rates

Eyes on Housing

In the third quarter of 2021, effective interest rates increased on all four categories of loans tracked in NAHB’s Survey on Acquisition, Development & Construction (AD&C).

Growth for Townhouse Construction

Eyes on Housing

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction continued at a strong pace in the first quarter of 2021. This followed the best quarter for townhouse construction in 2.5

July Construction Job Openings

Eyes on Housing

What had been a challenge in certain sectors, like construction, continues as a broad labor access issue as businesses seek workers as the economy reopens. The count of open construction jobs weakened in July to 321,000 unfilled positions, according to data from.

Residential Construction Employment Rose Slightly in April

Eyes on Housing

Residential construction employment rose by 3,100 in April, after an increase of 28,700 in March. Read More › Construction Statistics Economic Indicators Economics Housing Data COVID-19 employment labor force labor force participation rate residential construction employment

Suburbs see greatest gain in single-family construction in Q3

Housing Wire

Since Q1, the market share for single-family construction in urban core areas fell from 18% to 17.2%, the report said. The report showed that single-family construction in second-home markets expanded at a 13.6% Apartment construction increased in second-home markets by 11.1%.

Prices of Residential Construction Inputs Up 23% Year-Over-Year

Eyes on Housing

Prices paid for goods used in residential construction ex-energy rose 3.6% inputs to residential construction less food and energy) prices have declined just twice since December 2019. in May (not seasonally adjusted) and have increased 16.5%

Should You Buy an Existing Home or New Construction?

Keeping Current Matters

With so few homes for sale and construction of newly built homes ramping up , you may be wondering if you should consider new construction in your search process. New Construction . Another solid benefit to new construction is customization.

Stable Conditions for Construction Job Openings

Eyes on Housing

What had been a challenge in certain sectors, like construction, continues as a broad labor access issue as businesses seek workers as the economy expands. The count of open construction jobs was stable at 344,000 unfilled positions, according to data from.

Construction Self-Employment Rates at Record Low

Eyes on Housing

million) of construction workers are self-employed. Nevertheless, construction self-employment rates are now lowest on record, down from a record high of over 26% in 2010. One of the factors behind the recently falling construction self-employment.

Construction Reversal: Single-Family, Multifamily Units Under Construction

Eyes on Housing

A reversal is taking place in the construction pipeline. Since early 2013, there have been consistently more multifamily units (residences within 2+ unit properties) under construction relative to single-family homes.

Crosswinds for Construction Job Openings

Eyes on Housing

The count of open construction jobs declined in May to 299,000 unfilled positions, according to data from the BLS Job Openings and Labor Turnover Survey (JOLTS). Overall, hiring in the construction sector remained strong in May, ticking down to a 4.2%

SoftBank-backed construction startup shutters US operations

Inman

Following a final $200 million investment from SoftBank, Katerra is closing after years of financial mismanagement and rising construction costs.

Women Make Up 10.9% of the Construction Workforce

Eyes on Housing

The number of women employed in the construction industry grew slightly in 2020, rising to around 1.17 million, while the construction industry lost 587,000 jobs in 2020 when the pandemic hit the economy. As the construction skilled labor shortage remains.

Home Building Construction Times Accelerated in 2020

Eyes on Housing

The 2020 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7.8 months to finish the construction.

Helping new build buyers? 5 pre-construction tips

Inman

If you're helping your buyers navigate the process of buying a pre-construction house, here are the top five things you should educate and prepare them for. . Agent Brokerage Select Service construction new build new construction pre-constructed home pre-construction

5 tips for helping buyers navigate new home construction

Inman

Dealing with a new construction is very different from resale, and agents who understand that difference will ultimately win in this market. Agent Brokerage Select Service construction Financial Incentives inspections negotiations new build new construction

Construction Cools as Costs Climb

Eyes on Housing

Housing production declined in April due to rising prices and limited availability of lumber and other building materials. Overall housing starts decreased 9.5% to a seasonally adjusted annual rate of 1.57 million units, according to data from the U.S.

Construction spending rises again in April as lumber costs climb

Inman

Residential construction spending continued to grow in April, rising 1.3 Data Industry News Markets & Economy construction daniel houston lumber new build new construction new construction spending

Second Home Markets Show Construction Growth

Eye on Housing

For the third quarter of 2020, NAHB’s Home Building Geography Index (HBGI) found construction gains for traditional second home markets. Read More › The post Second Home Markets Show Construction Growth first appeared on Eye On Housing.

More Young Workers Join the Construction Labor Force

Eyes on Housing

The latest labor force statistics from the 2019 American Community Survey show that more young people are entering the construction trades. in the construction industry in 2019, compared to only 9.7%

Best Quarter for Townhouse Construction in 14 Years

Eyes on Housing

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction in the second quarter of 2021 posted the highest count of starts in 14 years.

Rebound for Townhouse Construction

Eye on Housing

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction expanded to a 2.5 year high during the final quarter of 2020.

What’s Happening in New Home Construction and Sales?

McKissock

Residential construction and new home sales have been making quite a few headlines lately. Keep reading to catch up on the latest stories and market data related to new home construction and sales. ” New home construction in the news.

Highest Paid Occupations in Construction in 2019

Eye on Housing

According to the 2019 Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey data and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $49,030 and the top 25% make at least $68,690.