The number of available homes for sale in the US is likely to remain at historically low levels in 2022 as a perfect storm of labor and materials shortages are preventing the construction sector from keeping up with the demand for new houses.
The construction industry needs to add 650,000 workers above its current pace of hiring in order to meet demand in 2022, according to a new analysis by Associated Builders and Contractors (ABC).
Home builders also are having trouble getting basic materials like lumber, which is delaying the construction of an estimated backlog of 5.3 million new homes needed to keep up with demand. According to the National Association of Home Builders, 90 percent of builders reported delays and materials shortages in 2021
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Unlimited access to GlobeSt and other free ALM publications
- Access to 15 years of GlobeSt archives
- Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
- 1 free article* every 30 days across the ALM subscription network
- Exclusive discounts on ALM events and publications
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
