Recent news in construction:
More expensive materials and labor shortage contribute to bigger construction costs
The costs related to doing business in the construction industry are escalating and represent a concern, not just for now, but also for the years to come. The new generation of materials are better and more durable, but they also tend to be more expensive. Besides, it is common knowledge now that there is a shortage of workers in this industry, especially those who are skilled Flagstaff roofing contractors in the state, which is expected to continue.
It started in 2008, the recession forced many people in constructions to find another job; even if now the industry is booming again, many of them did not returned anymore and neither the amount nor the quality of craftsmanship are not the same anymore. Population growth demands higher investments in infrastructure; skilled construction workers are needed to build homes, roads, commercial buildings etc., but their number is simply not enough anymore. For example, in the state of Colorado, one of the states with the lower unemployment rates, there will be more than 90,000 vacant jobs in constructions, by 2025.
Construction companies already fight for skilled Flagstaff roofing contractors and other crews and, as a consequence, median hourly wages keep growing by the year. Home prices are also expected to grow, as well as the material costs.