Arizona’s Homebuilding Revival Sparks Bidding Wars for Workers – Bloomberg 06-20-12

Salient to Investors:

Arizona building permits are close to a three-year high, creating a scarcity of framers, roofers and masons. Immigration laws add to the shortage by pushing experienced laborers out of the state.

The construction jobs increase in May from a year ago was the biggest gain of any industry in Arizona.

Ben Sage of Metrostudy said it’s hard to meet new-home demand in Arizona.

Michael Orr at Arizona State University said the number of previously owned houses for sale in Phoenix is down 54 percent in April from a year ago, while the median price for single-family homes is up 25 percent.

David Crowe of NAHB cautioned Phoenix may be an extreme case.

U.S. homebuilders have gained 35 percent this year.

Read the full article at http://www.bloomberg.com/news/2012-06-20/arizona-s-homebuilding-revival-sparks-bidding-wars-for-workers.html