Source: Morning Market Tidbits, BofA Merrill Lynch
Wage growth for construction workers is historically low; Let’s see if we can figure out why:
First, home production has been relatively slow, which should be expected following a long period of overbuilding. That was the excuse from 2007 to 2010. Eight years after home building volume peaked, we still haven’t experienced a rebound in residential construction.
Low household formation, caused, in part, by as millennials living with their parents, and the soft economic recovery, could also be to blame.
One excuse, which may cause an arched eyebrow, is a shortage of labor. More specifically, homebuilders claim they can’t increase production because of their inability to find qualified labor.
This seems like a weak excuse. Continues here
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