A shortage of skilled trades workers combined with tight credit and lack of available finished lots may slow the housing market rebound, according to Fitch Ratings, although the only likely downside is a longer construction timeline. Prior to the Great Recession, over eight million construction workers were employed, but according to the Bureau of Labor Statistics, as of May 2013 that number stood at 5.8 million. Many tradespeople left the field during the downturn and have not returned, feeding into the shortage. Currently, as HousingWire tells MHProNews, the only areas experiencing shortages are metro markets recovering faster than the national average, such as those in Fla., Calif., Nev., and Ariz.
(Photo credit: HousingWire)