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Marketplace All-in-One

The housing sector droops under a labor shortage and price hikes

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 26 November 2024

⏱️ 27 minutes

🧾️ Download transcript

Summary

The homebuilding industry is short over a quarter-million workers, according to the National Association of Home Builders. It’s one reason new home sales fell significantly in October — expensive materials and high home prices are others. Also in this episode: A Baltimore warehouse business navigates obstacles, Yelp celebrates 20 years of maybe-trustworthy reviews, and consumers replace tech purchased early in the pandemic.

Transcript

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0:00.0

Oracle Cloud Infrastructure is a single platform for your infrastructure, database, and application

0:06.4

development with AI built in. An Oracle Sovereign Cloud helps you address requirements for location,

0:13.6

access, and data residency. Take a free test drive at Oracle.com slash marketplace.

0:22.2

Weakness in the housing market, a brewing trade war with our closest neighbors, and a look at 20 years of Yelp.

0:30.6

Stick around from American public media.

0:33.8

This is Marketplace.

0:43.4

Thank you. This is Marketplace. In Baltimore, I'm Amy Scott in for Kai Rizdahl.

0:46.9

It's Tuesday, November 26th.

0:49.0

Good to have you along.

0:50.5

We'll start with some housing news.

0:52.5

First, home prices nationally kept growing in September, though more slowly than the month before. That's from the S&P CoreLogic Case Schiller Home Price Index, which rose 3.9% from a year before. Number two, from the U.S. Census Bureau, sales of new homes fell sharply in October.

1:13.3

Some of that weakness was expected, as parts of the South are still recovering from

1:18.1

Hurricanes Helene and Milton.

1:20.4

But as Marketplaces Justin Ho reports, other issues are weighing on the market for new homes

1:25.9

and the companies that build them.

1:28.1

A big challenge that home builders are dealing with is the amount of available labor.

1:32.2

Donushka Nanyakara, with the National Association of Home Builders, says the industry has more than

1:36.7

250,000 open positions it's trying to fill.

1:40.5

We have an aging labor force.

1:42.5

We need young people to go into trade schools. We need to attract

1:46.1

women to come into the trades. Nanyakara says that shortage pushes up construction costs.

1:52.8

Construction materials, including electrical transformers, are also in short supply.

...

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