- Following Hurricane Harvey and Irma, Houston and South Florida have begun to assess the damage and plan for the future. Financial hurdles aside, both markets are also amidst a substantial construction labor shortage, which will make it tough to find the skilled manpower needed to tackle repairs.
- Historically tight construction labor in the markets will slow progress as unemployment remains incredibly tight, sitting below five percent.
- Industry professionals believe that assistance from contractors in neighboring states could be the answer to a speedy recovery, but this will require both Texas and Florida to temporarily ease regulations around out-of-state workforces.
- High demand for key materials such as lumber, PVC, drywall and roofing will see availability dwindle and costs rise over the course of the next several months as contractors pick up steam.
Get JLL's latest Construction Outlook here.Take a look