Housing and Construction Boom Leads to Worker Shortage

Housing and Construction Boom Leads to Worker Shortage

Hard money lenders can offers fast construction financing in competitive housing markets

If you’ve undertaken a recent construction or renovation project and been stymied by a shortage of construction workers available to see your job through, you’re not alone.

The construction labor workforce dwindled during the last recession, with workers switching careers or retiring early, and numbers have been slow to build back up. Today it’s an aging workforce, with apprenticeship programs taking a number of years to complete and replenish the industry.

Now, with housing and commercial construction booming, the high demand for skilled tradespeople and experienced workers is out of sync with the shrunken labor pool. Projects are being delayed or put on hold and wages are being driven up, creating fierce competition. In turn, permits are backed up, and contractors and developers schedule carpenters and electricians in advance of jobs in order to ensure their completion.

In desirable real estate markets like Bend, Oregon, the lack of construction labor has manifested in a housing shortage: not enough workers means not enough homes built to meet demand.

According to the Oregon Employment Department, construction is projected to increase 22 percent by 2024, compared to an overall job growth rate of 14 percent, making it one of the fastest-growing industries in the state. However, the question is how to see your construction project to timely completion in the interim.

Be prepared for a successful construction project experience

Having clearly focused project goals, plan preferences, and realistic financial expectations can improve your odds of success with any construction project.

When you need to move quickly to see a project through, access to fast cash can provide you much needed leverage. We provide easy, competitive priced private money construction loans with sufficient equity. Give our Gregory M. Russell team a call to learn more: 1-888-477-0444.