A lot of things happened in the last 18 months because of the pandemic, but one of the biggest was a boom in people doing home renovations. After all, some figured since they were going to be home so much, why not tackle all those projects they've been meaning to for years?
This is leading to a question for some....what if I wanted to build a new home...is this a good time to build?
Well, the answer is a little complicated. It's clear that the construction industry wasn't immune from Covid.
Right now there's a backlog on the import of materials. Domestically we're dealing with labor and material shortages....have you see the price of lumber?! Those shot up after sawmills closed at the start of the pandemic and did not reopen and ramp up production quickly enough to meet the new demand and the ones that did reopen are having a hard time finding enough workers.
Planning, permitting and inspection industries experienced huge backlogs. And even BEFORE Covid, there was already a construction labor shortage. A 2017 study found that only 3% of people aged 18-25 wanted to work in construction.
According to Builders Exchange Workforce Development Director Robin Bartholow:
“For every five construction workers retiring, only one is coming in,"
This is despite the fact that California construction workers bring in some of the highest salaries in the country, with an average hourly wage of $21.26.
So...is it the right time to build? Dean has the answers and everything you need to know about whether or not it's time to build your dream home.