Dive Summary:

• Builders have observed a shortage of workers in the Phoenix and Seattle areas, an older workforce and lack of immigrant labor are just a couple factors adding to a shrinking pool of skilled construction workers.
• Since the housing market has experienced a recent uptick in many markets, contractors are seeing a strong demand for machine operators, carpenters and general workers.
• The National Association of Home Builders stated that half of the construction companies surveyed had dealt with a lack of labor that forces them to pay higher wages, while 46% had a delay during construction due to a shortage of laborers.

From the article:

“Demand is still going to be there for construction employment,” Price said. He said as consumers realize that rates remain historically low despite the increase, they will re-enter the market. “Demand for housing is going to remain quite strong despite this near-term reaction to the jump in interest rates.

”Echoing demographic shifts in the overall U.S. workforce, the median age of construction and extraction workers in 2012 was 41.4, based on Bureau of Labor Statistics data, up from 38.2 in 2007 and 37.9 in 2000.