Skills shortage costs US economy billions, study finds ...Middle East

A study carried out by the University of Denver and released this week finds that the chronic shortage of skilled labour is costing the single-family home building sector, and the US economy in general, billions of dollars a year.

Commissioned by the Home Builders Institute (HBI) in collaboration with the National Association of Home Builders (NAHB), the study calculates that delays to project schedules caused by the shortage directly costs the sector $2.7bn a year.

But the aggregate economic impact of that is around $10.8bn a year, the study found.

It said the skills shortage prevented approximately 19,000 single-family homes from getting built in 2024, representing an economic loss of just over $8bn.

The unweighted average length of delay caused by the shortage is around two months, the study found, with smaller builders experiencing longer delays.

NAHB, which analysed the findings, said the shortage was fuelling the affordability crisis and slowing economic growth.

“This study underscores the urgent need for strategic interventions to address the skilled labour shortage,” its chief economist Dr. Robert Dietz said.

“The economic implications are vast, affecting not only the home building industry but also the broader economy.”

Read the study here.

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Skills shortage costs US economy billions, study finds Global Construction Review.

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