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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. The construction worker shortage has reached crisis level.

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Residential construction jobs now 7.6% above pre-COVID level

Housing Wire

After a month of very little change in April , the construction sector had a solid month of job growth in May, according to the U.S. Construction gained 36,000 jobs in May, with residential building adding 5,000 jobs and residential specialty trade contractors gain 11,700 jobs. The post Residential construction jobs now 7.6%

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Looking to renovate construction space, Freemodel secures $19.5M

Inman

million Series A for Freemodel to expand its approach to prepaid, fully managed market preparation renovations, according to an announcement sent exclusively to Inman. QED led a $19.5

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How to Use Virtual Renovation to Renovate a Home

Realty Biz

In recent years, virtual renovation has emerged as a groundbreaking tool that allows homeowners, designers, and contractors to visualize and plan home renovation projects in a virtual space. It combines the benefits of cutting-edge technology with practical application in home remodeling and construction.

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The labor market showed signs of modest cooling in July

Housing Wire

Employment in the construction industry continued to trend up in July, adding 19,000 jobs, especially in the residential construction space. Furthermore, residential building construction employment was flat year-over-year in July, while non-residential was up by 5.9%, according to First American Economist Ksenia Potapov.

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The Big Question: Should You Renovate or Move?

Keeping Current Matters

If you’re a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The difference in the cost of a renovation versus a purchase. If you decide to renovate, you’ll need to refinance (or take out an equity loan) to access the equity.

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Opinion: More financing options for ADUs are needed

Housing Wire

Here are a few trends in financing that will continue to catalyze the construction of more ADUs: Expanded access to mortgage financing The Federal Housing Authority announced a new policy in October 2023 that has made it easier to finance construction of new ADUs, as well as making it more achievable to buy or refinance a house with an existing ADU.

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