What do homebuilders want? Immigration reform
US homebuilders are navigating both higher mortgage rates as well as constrained capital for building projects. But there is another big labor factor the industry is trying to figure out. National Association of Home Builders (NAHB) CEO Jim Tobin explains the industry's high labor demand that could be filled by skilled immigrant workers. According to the NAHB's own Eye On Housing Report, data from 2022 suggests that "a third of all carpenters and 41% of construction laborers are of foreign-born origin" in the United States. "Our number one issue this year was about workforce development and immigration, which is so politicized right now. And it won't be until whoever we find out who the next president is, where we can really tackle the issue," Tobin says. later adding: "We want people who want to come into this country legally to come through in an orderly fashion. We want people who want to work in the construction industry to have a visa that allows them to work in our industry, just like they can work in the seasonal market, or they can work in agriculture." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Luke Carberry Mogan.