The Boom-Bust nature of the Real Estate Industry attracted Baby Boomers, who thrived on defying risk, enticed by the challenge to build it before the cycle ends. Their children are taught at young ages how to avoid risky situations. Boom-Bust is counterintuitive to younger generations. Can we attract them into our Risky Business? BuildZoom reports, the share of young construction workers declined nearly 30% from 2005 through 2016. A generally well-paid job, it is failing to attract young workers, reported realtor.com. The U.S. had 11.7 million construction workers in 2005, but that peak fell to 10.8 million in 2010 amid the housing crisis. States hit hardest by the housing bust saw on average the greatest decrease. Today states where cost of living is high, such as Massachusetts, New Jersey and California, have the worst overall shortages of construction workers. Some economists say raise wages to compete with other industries. Builders say their margins are too low. If you can’t raise wages, lower expenses. Worker Housing and services where developers want to build is becoming a necessity.
About the SelectLeaders Job Barometer
The SelectLeaders Job Barometer, published since 2006, is the foremost survey of employment opportunities, trends, and hiring practices in the commercial real estate industry.
About the SelectLeaders Real Estate Job Network
SelectLeaders powers the Career Centers for 9 premier real estate industry Associations (whose members control or direct 90% of commercial real estate). Jobs are from all sectors and all levels with 29% paying over $100,000. SelectLeaders Job Network offers unequalled access to the Real Estate community. To learn more visit selectleaders.com or visit our Job Network Career Centers: BOMA, CCIM, CREFC, GlobeST.com, NAIOP, NAREIM, NAREIT, NMHC, PREA, Project REAP, ULI, NRHC