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Boom-Bust Industry


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.


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