National Public Radio’s Chris Arnold reports on how rising home prices and low interests rates have created a boom for the home remodeling industry. As a result, homeowners are feeling more confident to spend money on their homes. And yet, home improvement companies are having a difficult time finding good workers to meet all the demand.
Arnold spoke with Nathaniel May of Aurora Custom Builders who says he’s even having to turn away projects simply because he cannot find skilled workers.
The construction industry lost 2 million workers after the economic crash, and now the industry is trying to find employees to replace the ones that left.
As Arnold reports,
"Nino Sitchinava, an economist with the renovation and design company Houzz, says the home renovation market has rebounded to its pre-recession peak and is currently estimated at $324 billion.
And she says that level of annual spending and demand is creating jobs and pushing up wages for carpenters, electricians and plumbers. Sitchinava says Houzz has about 1 million active home renovation professionals associated with it and many say they'd be hiring if they could find skilled workers.
"Four out of five of the remodelers on Houzz have reported that the labor shortages are either moderate or severe in their area," she says.