【World Property Journal】U.S. Labor Shortages Weakening Housing Supply, Hurts Affordability

According to a new report by the Home Builders Institute, a lack of skilled construction labor in the U.S. is a key limiting factor for improving housing inventory and affordability.

Additionally, the report cautions that the required number of construction workers to keep up with demand is approximately 740,000 new workers per year for the next three years.

Other key market findings include:

• The number of open construction sector jobs currently averages between 300,000 to 400,000 each month.
• Half of payroll workers in construction earn more than $50,460 annually and the top 25% make at least $71,000. In comparison, the U.S. median wage is $49,150 while the top 25% make at least $67,410.
• Construction employment currently totals 7.42 million. Residential construction represents 3.1 million of this total amount.

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