Construction Worker Shortage Leads to Higher Costs and Home Prices

The median house price has increased 30 percent over the last five years, from $151,000 to $196,500. Scott Beyer of Forbes argues that this is in part because of a lack of skilled construction workers in the home building industry.

NAHB data found that 56 percent of builders reported a worker shortage in 2016, up from 21 percent in 2012. Also, builders said that the shortage has forced them to pay higher wages and bids, delay projects, and raise home prices.

According to NAHB, many workers departed from the industry during the recession and never came back. Also, many immigrant laborers went back to their home countries and decided to not return to the U.S.

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