Housing Headlines
Eye on the Economy
Labor Access Challenges Persist |
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Home builder confidence remains solid at this early stage of 2017, and it mirrors NAHB's expectations for continued growth of single-family construction throughout the year. For 2016, single-family starts were up 9%, while multifamily construction experienced month-to-month volatility in the second half of the year.
However, this growth will also cause the ongoing labor shortage to worsen. In a new NAHB industry survey, builders identified access to labor as the biggest challenge they anticipate for 2017, with lot availability coming in second. Labor market data confirm high levels of unfilled construction sector jobs, and builders can expect wages to grow in the coming year. While that is a positive for housing demand, it's a concern for builders' bottom line. –NAHB Chief Economist Robert Dietz
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