Shortages of key construction supplies, as well as a national labor shortage have thrown a wrench in plans to address the housing crisis by building new homes.
See more stories on Insider's business page.Ĭonstruction companies are struggling to keep up with orders for new homes. Homebuilding companies have warned that supply constraints have impacted building goals.Įarlier this year, Freddie Mac reported the US is facing a shortage of 3.8 million homes. The backlog of homes waiting to be built hit a record high last month, according to government data. Construction workers build a new Centex home on Tuesday, June 23, 2020, in Houston.
