The United States needs new housing, but its building industry isn’t big enough to provide it. The number of residential construction workers is 23 percent lower than in 2006, while higher-skill trades like plumbers, carpenters and electricians are down close to 17 percent. With demand for housing high and the supply of workers short, builders are bidding up prices for the limited number of contractors. Advertisement Construction prices nationwide have risen about 5 percent a year for the past three years……

 

 

The global construction industry is a $10 trillion behemoth whose structures determine where people live, how they get to work and what cities look like. It is also one of the world’s least efficient businesses. The construction productivity rate — how much building workers do for each hour of labor they put in — has been flat since 1945, according to the McKinsey Global Institute. Over that period, sectors like agriculture, manufacturing and retail saw their productivity rates surge by as much as 1,500 percent. In other words, while the rest of the economy has been supercharged by machines, computers and robots, construction companies are about as efficient as they were in World War II.

Source: Piece by Piece, a Factory-Made Answer for a Housing Squeeze – The New York Times