New home construction is finally picking up in
prices. That’s partly because of a serious shortage of skilled construction
workers.
area home buyers are back, especially in the luxury new home market, but
they’re paying more because a shortage of construction workers is pushing up
wages and prices of new homes are up by 10 to 15 percent.
Electricians, plumbers, carpenters and heating-cooling
specialists all in short supply and wages have gone up by about 30 percent.
A much bigger pay hike than most white-collar professionals
have seen. The reason? Lots of tradesmen got out when the downturn hit. Many
Eastern European immigrants returned to
where they can now work anywhere due to the common market.
Some estimates indicated the construction workforce has
shrunk by 25 per cent in the last seven years with a national shortfall of
one-and-a half million workers leaving immigrants who stuck it out catching the
windfall.
Some of the other factors behind the shortage: Many baby
boomers in the construction industry are retiring and many young Americans don’t
seem much interested in working construction.
If there was ever a time for modular home industry to find
more opportunities without the aid of a natural disaster, going after the home
buyer’s wallet is the place to look, especially in the high end markets where
labor is expensive.
