The hidden homebuying crisis keeping Americans out of the market and its not what you think

Builders reveal that a critical labor shortage in their field is fueling the housing affordability crisis in America.America needs more homes, but the industry doesn’t have nearly enough workers to build them.With too few skilled laborers to meet the growing demand, construction is taking longer, costs are rising, and, as a result, the much-needed housing supply in the U.S.

remains constrained.Experts in the industry point to an aging workforce, a lack of younger Americans entering the skilled trades, and immigration policies that they say have failed to keep pace with labor needs.“Labor is one of the largest and most expensive inputs when it comes to home production and land development,” Jim Tobin, president and CEO of the National Association of Home Builders, told Fox News Digital.He said that every month, the construction industry is short by approximately 250,000 workers.“It’s been as high as 400,000 jobs short when we were really cooking along a few years ago,” Tobin said, adding that the labor gap “is a persistent shortage.”And the industry’s labor needs are only expected to grow in the coming years.A recent Home Builders Institute and National Association of Home Builders report estimates builders will need roughly 723,000 new workers annually to keep pace with demand and help close the nation’s 1.5 million-home housing gap.The shortage is already affecting how quickly homes can be built.According to Home Builders Institute President and CEO Ed Brady, labor constraints are extending construction timelines and driving up costs.“This shortage adds nearly two extra months to building timelines, inflating costs and delaying delivery,” Brady told Fox News Digital.

Morning Report delivers the latest news, videos, photos and more.Please provide a valid email.

By clicking above you agree to the Terms of Use and Privacy Policy.Never miss a story.

Builders say replenishing the skill...