According to research from the National Association of Realtors, the United States is facing a shortage of 5.5 million homes. The gap continues to grow despite widespread efforts to meet rising demand, like a multi-family housing boom in 2023. While construction companies are fighting hard to keep up, they are limited by a pressing labor shortage, among other critical hurdles like supply shortages and steep pricing. The same is true in real estate, an industry dealing with pandemic-spurred job hopping and an aging workforce that’s retiring and leaving a sea of empty seats to fill. Without people to do the work, growth is an elusive target.

Reprinted courtesy of Jim Campbell, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.