PROTRACTED LABOR SHORTAGE SEVERELY HAMPERING GROWTH
Contractors say they could be growing as much as 50% more if they could find qualified help.
By all indications it’s going to be a banner year for replacement contractors who are enjoying sustained growth in the midst of the ongoing recovery. But that growth could be much higher if not for one persistent problem: the labor shortage.
“Definitely, growth would be stronger and our projected growth would be stronger if not for the labor shortage,” confirmed Paul Emrath, NAHB economist.
In fact, more than 51% of remodelers are turning down some projects due to the labor shortage and 35% are losing or canceling sales altogether, according to NAHB surveys.