Neil Dutta, head of U.S. economics at Renaissance Macro Research, says it may be that contractors are pausing following a flurry of multi-family construction as pent-up demand shifts to single-family construction. “That will imply a transition, or hand-off, period,” he said, according to what marketshare tells MHProNews.
Additionally, the National Association of Home Builders (NAHB) says many builders see labor shortages as a growing problem.
“As housing demand is heating up amid lean inventories, boosting rents and home prices, we expect home building activity and residential construction employment to pick up,” said Doug Duncan, chief economist at federally controlled mortgage-finance giant Fannie Mae. “One concern is that builders may find it increasingly difficult to hire skilled workers without substantially raising wages, which are already increasing at a strong clip.” ##
(Photo credit: constructiononline-Hawthorn Brook Group)
