Eye on Housing: Labor and Wage Demands Push Home Prices Higher
Posted To: MND NewsWireLast week we summarized a report from the National Association of Home Builders on the acute labor shortages builders are indicating in responses to the NAHB/Wells Fargo monthly Housing Market Index survey. The July version asked a set of special questions about the availability of both employed labor and subcontractors in each of 15 different trades. That survey also asked builders about the effects the shortages were having on their businesses. Paul Emrath again examines on the survey results in NAHB’s Eye on Housing blog and says the most widespread effects are on wages. Eighty-four percent said they were having to pay higher wages and take higher bids from subcontractors, and 83 percent said this has forced them to raise home prices. Seventy-three percent said the shortages were making…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.