According to a members survey by the National Association of Home Builders (NAHB), since June 2012 labor shortages in all aspects of the home-building trade are driving prices up, and nearly half say they have been delayed in finishing projects on time. 1.4 million housing jobs left the industry during the recession and most have not returned. A shortage of buildable lots and rising cost of materials is also hampering the regeneration of the market. 3,000 jobs are generated by the construction of 1,000 homes which generates $145.4 million in wages and $89 million in tax revenues for government. The property then generates revenues for schools, police and fire departments, and other governmental services. NAHB says two million housing starts were delayed by the Great Recession, and expects 917,000 total housing starts this year, and as MHProNews has learned, 1.18 million in 2014.
(Photo credit: BloombergBusinessWeek–multifamily construction)