CBS on the impact of the skilled labor shortage on homebuilders, and the economy

Television, unless it is available to stream via Hulu, Netflix or HBO Go, isn’t something I watch much of. CBS apparently aired an impressive program highlighting the impact of the skilled labor shortage on the construction industry, and the resulting impact on the rest of our economy and infrastructure.

Here’s an excerpt:

America’s economy has a growing labor crisis — a shortage of skilled construction workers. These men and women — carpenters, plumbers, electricians and masons — put a roof over your head. They’re getting harder and harder to find, at a time when — with two devastating mainland storms in the past month — they’ve never been more needed.

“Over the last four years, we’ve seen rising rates of open jobs,” said Robert Dietz, chief economist for the National Association of Homebuilders. “In other words, there’s a help wanted sign put out by the builder or the remodeler, and they simply can’t fill it.”

Where does the shortage come from? In short, the “Great Recession” had a lot to do with it:

The 2008 recession hit on homeowners, and homebuilders, hard. More than 1.5 million residential construction workers left the industry. Some changed careers; others simply retired. Many immigrant workers went home and never came back because of tougher immigration laws.

Of those 1.5 million workers that left the industry, reportedly on about half have returned.

Here’s video: