New HBI Report Spotlights Labor Shortages
Washington, D.C., July 26, 2023-The lack of skilled construction labor is a key limiting factor to expanding home construction and improving housing inventory and affordability, according to the latest Construction Labor Market Report from the Home Builders Institute (HBI).
Providing an outlook for residential-construction employment, the report found that the construction industry currently needs approximately 723,000 new construction workers each year to meet demand. The number of open construction sector jobs averages between 300,000 and 400,000 every month.
At least 90% of single-family builders responding to a survey reported a shortage of carpenters, and 80% to 85% reported a shortage of subcontractors in six other trades.
More than 80% of remodelers reported a shortage of subcontractors in 11 of the 16 trades.
The share of construction workers ages 25 to 54 dropped by 6% over the past seven years.
The full report can be viewed at hbi.org/wp-content/uploads/2023/06/Spring-2023-construction-labor-market-report_final-PDF.pdf.