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The Labor Shortage Behind High Home Prices : The Indicator from Planet Money Demand for homes has increased dramatically this year and supply can't keep up. One of the biggest issues is a labor shortage in the construction industry. So employers are increasing wages and getting creative to entice people into the trades.

The Indicator from Planet Money

Desperately Seeking Construction Workers

Desperately Seeking Construction Workers

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The serene moment when rebar is unloaded. (Photo by Darian Woods)
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Darian Woods/Darian Woods
The serene moment when rebar is unloaded. (Photo by Darian Woods)
Darian Woods/Darian Woods

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The residential housing market is hot. Home prices are way up. So are steel prices. Lumber prices reached astronomical heights recently. Construction companies are at the mercy of shipping bottlenecks. But the top concern for a lot of construction companies is labor. Just getting enough people.

Brandy McCombs runs a construction business in Missouri. To attract workers, she pays about double the U.S. median wage. But that's not enough. She also needs to spread the word: The trades can pay well!

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