According to one trade organization, the United States housing market needs up to one million new construction workers.
Associated Builders and Contractors — a trade association that represents the non-union construction sector — stated that shortages in home supply are accompanied by a distorted labor market for construction employees:
Construction spending is likely to reach $1.45 trillion in 2021, up 1.3% from 2020. Under this scenario, employment demand increases by 430,000 this year from actual employment of 7,829,000 in 2020. A higher growth rate scenario could boost the number of additional construction workers needed in 2021 to nearly 1 million.
In the three months since the Associated Builders and Contractors’ release, record demand for homes has only accelerated. A recent analysis from Zillow found that the average house is only remaining on the market for an average of six days. In some cities — such as Cincinnati, Columbus, and Kansas City — the average is three days.
The value of the typical American home has therefore grown by 13.2% since May 2020. Between the first quarters of 2020 and 2021, homeowners observed a collective equity gain of $2 trillion.- READ MORE
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