HOW WE GOT HERE, HOW WE ADDRESS IT AND THE DEMOGRAPHIC SHIFTS THAT WILL IMPACT WHAT AND WHERE WE CALL HOME
Robert Dietz, chief economist for the National Association of Home Builders (NAHB), said the housing shortage — which leads to an across-the-board affordability crisis — can be linked to five limiting factors, dubbed the five Ls:
1) Labor
There is a lack of skilled labor — the work force has aged and the industry is short at least 350,000 construction workers.
The silver lining is that residential construction gained jobs while unemployment rose during the first year of COVID.
Because one single-family
home construction employs the equivalent of three full-time workers for a year,
it boosts the economy to train more workers.
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