candidates for salvaging. Existing wood flooring can be sanded, stained, and varnished to restore the finish. CONSIDER ALTERNATIVE MATERIALS // Being open to using new or alternative construction materials could take the stress off your budget, and you might find they are easier to obtain. For example, Tarkett Home offers a new waterproof flooring option called Triton Tuff that is strong, affordable, and aesthetically pleasing. Available in 18 designs that include traditional tiles and woods, modern herringbones and unique ceramic tiles, Triton Tuff is also certified allergy- and asthma-friendly. Its durable textile backing makes it 75% stronger than traditional luxury sheet flooring. Additionally, the company offers QuickShip and Express programs designed to streamline and expedite design and delivery. MANAGE CONTRACTS WISELY // If you’re a builder or rehabber, price volatility can cause you to be locked into contracts with cost estimates that become outdated as your project progresses. Some builders are revising their cost escalation clauses. If you’re a developer, be sure you understand the cost escalation clauses in any contract you sign. DESIGNASTRATEGY FOR LABOR It’s easy to blame the pandemic for the current short - age of trade laborers. Although COVID-19 has certainly exacerbated the situation, the U.S. has seen a steady decline among available tradespeople for several years due to fewer entrants and more retirements. Data from the U.S. Census Bureau shows the number of tradespeople working in construction labor, plumbing, pipefitting and steamfitting, carpet installation, dry - wall and ceiling tile installation, carpentry, construction trades, painting, and construction maintenance dropped between 2018 and 2020. Further, the census bureau reports that in 2021, there were 347,000 hires in the con- struction industry—70,000 fewer than what was needed to make up for separations due to layoffs and retirements. According to just one trade association—the National Electrical Contractors Association—7,000 electricians enter the field annually, but 10,000 retire. What’s behind the attrition? Some studies point to the emphasis on college education versus trade school edu- cation as the reason for fewer new people entering these professions. On the other end, baby boomers are retiring in increasing numbers. Most experts agree that as long as there are more posi- tions available in the trade industries versus workers to
fill them, homebuilders and remodelers will see higher prices and slower project completion times. It’s not just a shortage of skilled construction workers fueling building delays. Workers across a wide spectrum of industries that interact with the building and remod- eling industries are contributing to the backlog. From manufacturing workers who produce materials to truck drivers who move goods to retail associates who stock and sell construction materials to local government employees who process permit applications, the general labor shortage is causing delayed completion times for new construction and home remodeling projects. Although there’s no quick solution to enticing new entrants to the trades or slowing the stream of retire- ments, there are some general measures you can consid- er to design a plan for navigating the labor shortage. Don’t overcommit. Although demand is high, if you take on more work than your existing staff can handle, efficiency and quality may suffer, potentially damag - ing your reputation. Worse, you may be forced to default on a contract. Enlist the help of HR professionals. Trained profes - sionals can offer resources you may not be aware of for competing in the labor market. Pay fair, competitive wages. Provide proper training. The labor shortage also means more untrained workers and more workers overall who may be pushing their limits, resulting in accidents, dam- aged equipment, and substandard workmanship and quality—all of which are costly. Remember, design isn’t just about color, fabrics, and lighting styles. To achieve success with your projects in the current challenging environment, be sure to “design” them in the broadest sense. Sketch out a project plan that tack- les materials shortages, labor bottlenecks, and soaring construction prices—so you can tackle them head on. • Carmen Fields is the director of strategic partnerships for Think Realty and managing editor for Think Realty Magazine. She is known for her ability to establish and develop relationships. Through partnership collaboration, she aims to elevate the real estate industry by aligning with like-minded visionaries through strategy development. She intuitively sees the threads of opportunity that wind through an organization, brings them together into a coherent whole, helps others extend their thinking, and drives material business advantage. Fields is known for her passion around creating legislative initiatives in the real estate investing space. Her past career with Nordstrom has allowed her to develop systems and processes catered toward the client experience. Respected as a credible voice in the industry, finding strategic partners, and establishing relationships, Fields earns a seat at the table wherever she serves.
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