In this episode of The Real Build, I wanted to update you on the state of the building industry. These statistics were taken from the National Association of Home Builders and what I have heard from other builders around the country.
A report from the National Association of Realtors (NAR) finds the housing market needs to build at least 5.5 million new single-family and multi-family homes just to keep up with demand and keep homeownership affordable over the next decade.
The builders are having trouble with their supply chains, everything from lumber to cabinets to appliances.
71% of contractors surveyed are facing at least one material shortage. Lumber was the most-cited material shortage (31%), followed by steel or electrical supplies other than copper wire and lighting supplies.
Contractors are facing issues with the following:
Lumber
HVAC
Steel
Roofing
Concrete
Electrical components
Roof trusses
Paints and sealants
Plaster and drywall
Windows and Doors
Plumbing and fixtures
Appliances
There have also reportedly been shortages of:
