The December survey of the NAHB/Wells Fargo Housing Market Index found that 87% of construction professionals site labor shortages and increased costs as their number one concern moving into 2020. Looking back, only 13% of construction professionals thought labor shortages would be a problem in 2011. That number jumped significantly in 2014 when it reached 61% with the highest recorded in last year’s survey.
Ranked second on the list of challenges in the new year was building materials which 66% of builders had concerns over. The rising cost of building materials and their availability all factor in to these concerns.
Finding viable building lots at reasonable rates was reported by 66% of builders to be of some concern in 2020.