The labor force is becoming younger in many places, which has led to some hiccups.
According to the NAHB/Wells Fargo Housing Market Index survey, 63 percent of builders said that over the past year, they have noticed that older construction workers have retired and younger, less experienced workers have taken their place.
Of the builders that have noted a change, a majority said that the youth movement has made them devote more resources to monitoring construction quality, and that projects are taking longer due to decreased efficiency.
Note that the statistics quoted at the start of this post are based on payroll employees only. In residential construction, a lot of the physical labor can also be performed by self-employed owners of small businesses.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
