The number of available homes for sale in the US is likely to remain at historically low levels in 2022 as a perfect storm of labor and materials shortages are preventing the construction sector from keeping up with the demand for new houses.
The construction industry needs to add 650,000 workers above its current pace of hiring in order to meet demand in 2022, according to a new analysis by Associated Builders and Contractors (ABC).
Home builders also are having trouble getting basic materials like lumber, which is delaying the construction of an estimated backlog of 5.3 million new homes needed to keep up with demand. According to the National Association of Home Builders, 90 percent of builders reported delays and materials shortages in 2021
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