An elevated unemployment rate, alongside some relaxation in immigration restrictions, will help ease labour shortages in the residential sector this year. Admittedly, not all parts of the economy are finding jobs easy to fill, but homebuilders are currently benefiting from a high unemployment rate in the overall construction sector. While labour shortages will not be solved overnight, builders will be able to maintain single-family starts close to their current level of 1.24m annualised in 2021.
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