Construction Worker Shortage Blamed for Housing Supply Woes
"A shortage of construction labor that has squeezed property developers across the U.S. got worse in June after showing signs of improvement a month earlier," reports Laura Kusisto.
"The number of open construction jobs increased to a seasonally adjusted 225,000 in June from 163,000 in May, according to the Labor Department," adds Kusisto.
The article describes the worker shortage as a "critical issue" for the housing market—"delaying the construction of new homes and causing a supply shortage that is forcing prices higher."
As for why there is such a shortage of willing labor to drive a housing construction boom, the article says workers that left he industry during the Great Recession are reluctant to return.
[The Wall Street Journal article might be behind a paywall for some readers.]