Lazo: Construction projects live or die based on their ability to be built at or below budget. As labor costs increase to meet the requirements and demands of labor, so will the overall costs of construction projects. When a construction project is projected to exceed its construction budget, the project is typically either redesigned to bring the costs down, or the project may be scrapped or tabled all together.

GlobeSt.com: What advice to you offer developers who encounter “too expensive” projects?

Lazo: Developers are very closely monitoring construction estimates and budgets and making adjustments, when possible, to make sure they are still meeting price points for their desired markets. Some developers, especially those catering to the lower-income buyers, have recently scrapped or delayed plans for developing residential projects. Just recently, one developer in Saint Petersburg, Florida, had to do this.

What's President Trump's impact on the multifamily market? Here's one take.

MIAMI—One of the key reasons for construction workforce shortages is the lack of career and technical education programs available, particularly at the secondary level. So says the Association of General Contractors (ACG).

Specifically, construction employment increased in 245 out of 358 metro areas between May 2016 and May 2017, declined in 59 and stagnated in 54. Riverside-San Bernardino-Ontario, Calif. (16,500 jobs, 18%) added the most construction jobs during the past year, followed by Tampa-Saint Petersburg-Clearwater, FL (9,100 jobs, 13%); Atlanta-Sandy Springs-Roswell, GA (7,900 jobs, 7%).

GlobeSt.com caught up with Conrad Lazo, a board certified construction attorney and a shareholder at Becker & Poliakoff, to get some insights into this issue in part two of this exclusive interview. You can still read part one: How Trump's Immigration Policy Is Impacting the Labor Pool.

GlobeSt.com: At what point does a project become too expensive?

Lazo: Construction projects live or die based on their ability to be built at or below budget. As labor costs increase to meet the requirements and demands of labor, so will the overall costs of construction projects. When a construction project is projected to exceed its construction budget, the project is typically either redesigned to bring the costs down, or the project may be scrapped or tabled all together.

GlobeSt.com: What advice to you offer developers who encounter “too expensive” projects?

Lazo: Developers are very closely monitoring construction estimates and budgets and making adjustments, when possible, to make sure they are still meeting price points for their desired markets. Some developers, especially those catering to the lower-income buyers, have recently scrapped or delayed plans for developing residential projects. Just recently, one developer in Saint Petersburg, Florida, had to do this.

What's President Trump's impact on the multifamily market? Here's one take.