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Rebuilding by the numbers. Progress will be slow in Houston and South Florida

  • ​​​Following the devastation wrought by Hurricane Harvey and Irma, Houston and South Florida have begun to assess the damage done and are headed down the long road to rebuilding, but it won’t be easy. Financial hurdles aside, both markets are amidst a substantial construction labor shortage, making the skilled manpower needed to tackle the significant infrastructure, residential, and commercial repairs tough to find. Historically tight construction labor in the markets will make the journey a slow one, as unemployment remains incredibly tight, sitting below 5%. 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.
  • On top of the labor situation, high demand for key materials such as lumber, PVC, drywall, and roofing will see availability dwindle and costs rapidly rise over the course of the next several months as contractors pick up steam.​

Source: JLL Research, U.S. Census​

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