A recent story in the Wall Street Journal reported that many construction companies have been shuttering their operations because of a rise in demand for construction jobs.
One of those companies is Bespoke Construction, which specializes in commercial construction, but has a strong presence in homes.
As the article explains, the company is a subsidiary of the global conglomerate Drexel Burnham Lambert, which owns and operates dozens of construction companies.
This has led to many people in the construction industry, including Bespokes founders, being told to consider other careers, according to the Wall St. Journal.
The company has recently been able to turn around its business, but many companies in the industry are finding it hard to compete with the rising cost of home construction.
Many companies are shutting down because they can no longer afford to pay workers as much as they did in the past, said Chris Brown, founder of Bespoking Construction.
The story also notes that many of the companies in question are still struggling to pay their construction workers as well.
Brown said that construction is a highly-skilled occupation and has become expensive for companies to pay employees as much money as they once did.
According to the Journal, Bespokers main competitors are companies like the U.S. Department of Justice (DOJ) and the construction unions.
Brown told the Wall, “We’re looking to be a leader in the housing industry in terms of being able to compete, because we’re in the business of being the best, so we need to be able to attract and retain the best and brightest to work for us.”
Some construction workers have even quit their jobs to take on other work.
According to the WSJ, the number of people who have left their jobs for other jobs has increased in the last year, particularly among younger workers.
Some construction companies are turning to crowdfunding platforms to raise money to hire more workers, and some are even opening new offices in countries that are more affordable.
While the demand for jobs in the U, and beyond, has been skyrocketing, the housing bubble has only been bursting for the past two years.
The current economic conditions are a lot more dire than we anticipated, as housing prices continue to soar.
Many have begun to lose hope that things will ever return to normal.
The economic recession that began in 2008 is still a long way off.
But, as the WSJs article points out, there are signs that things are starting to improve.
“The economy is recovering, jobs are starting back up, and we’re seeing an uptick in the number who are looking at building homes and renting their homes,” said Brown.
“The economy has a chance to turn again.
I think we’ll be seeing that for a while.”
Read more about the housing market at the WallStreet Journal here