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.
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Host: Victor Menasce
email: podcast@victorjm.com
