On today’s show we’re talking about how the current labor shortage is affecting the world of employment, and therefore by extension the world of real estate.
We’re still in the middle of a pandemic. But despite the historically low unemployment rate, we have a labor participation rate of 61,8% that is is down sharply from pre-pandemic levels.
If you go back to the 1960’s we had labor participation rates below 60%. But at that time, many women were not in the workforce and stayed at home as homemakers. Labor participation peaked around 2000 – 2001 at 67%. Participation has fallen over the past 20 years to about 63.5%, and before plunging below 60% in the height of the pandemic.
The people who are no longer in the workforce still need income to live, and a place to call home.
You’ve seen the help wanted signs all over. You see the recruiting signs at big box stores, restaurants, grocery stores, retail shops. The signs are everywhere.
Host: Victor Menasce