Workforce Development Bill Introduced
Bipartisan legislation championed by NAHB that is tailored specifically to ease the severe residential construction labor shortage was introduced in the House. Workforce Development Bill Introduced.
Reps. Juan Ciscomani (R-Ariz.), Marie Gluesenkamp Perez (D-Wash.), Ryan Zinke (R-Mont.) and Don Davis (D-N.C.) introduced the CONSTRUCTS Act, companion legislation to the Senate bill introduced earlier this year by Sens. Jacky Rosen (D-Nev.) and Marsha Blackburn (R-Tenn.) that will support the construction workforce, help improve the housing supply and bend the rising housing cost curve across the nation.
The bipartisan CONSTRUCTS Act directly addresses the lack of workers in the housing sector by expanding opportunities for residential construction training programs at community colleges and technical education schools.
“With the housing industry facing a severe labor shortage that is exacerbating the housing affordability crisis through higher home building costs and construction delays, the CONSTRUCTS Act will strengthen America’s workforce pipeline by creating a new grant program to fund residential housing construction education and skills training programs at our nation’s community college and trade schools,” said NAHB Chairman Carl Harris.
In any given month, there is a shortage of 200,000 to 400,000 construction workers, and home builders will need to add 2.2 million new workers over the next three years just to keep up with demand. By supporting funding for building and construction trades education, this legislation would bolster the housing workforce and directly address the shortage of skilled construction workers.
Builder Confidence Index
Builder confidence in the market for newly built single-family homes was 46 in December, the same reading as last month, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today.
“While builders are expressing concerns that high interest rates, elevated construction costs and a lack of buildable lots continue to act as headwinds, they are also anticipating future regulatory relief in the aftermath of the election,” said NAHB Chairman Carl Harris, a custom home builder from Wichita, Kan. “This is reflected in the fact that future sales expectations have increased to a nearly three-year high.”
“NAHB is forecasting additional interest rate cuts from the Federal Reserve in 2025, but with inflation pressures still present, we have reduced that forecast from 100 basis points to 75 basis points for the federal funds rate,” said NAHB Chief Economist Robert Dietz. “Concerns over inflation risks in 2025 will keep long-term interest rates, like mortgage rates, near current levels with mortgage rates remaining above 6%.”
Source: Workforce Development Bill Introduced
https://www.nahb.org/blog/2024/12/workforce-development-constructs-act
https://www.techedmagazine.com/category/news-by-industry/construction-education/