By Elizabeth Zach, RCAC staff writer
Construction workers are increasingly being drawn to build new single-family houses, leaving apartment projects across the country struggling to meet completion and budget deadlines, according to housing analysts.
“Things looked like they had gotten better in mid-2017 – or at least not gotten worse,” Robert Dietz, economist for the National Association of Home Builders (NAHB), told housingfinance.com. “Now things have gotten worse.”
To meet budgetary and completion deadlines, apartment developers and contractors are extending their schedules and hiring subcontractors.
“We understand that the majority of projects are being completed at a rate of 20-30 percent slower than they were five years ago,” Cynthia Parker, president and CEO of BRIDGE Housing, based in San Francisco, said. “The current labor shortage is not going to change anytime in the near future, certainly not in 2018 and 2019.”
To read more, go here: http://www.housingfinance.com/news/the-labor-shortage-gets-worse
