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Echo Fine Properties
29 OCT
Don’t be that guy. You know, the one complaining about skyrocketing construction costs—but hasn’t taken two seconds to understand why it’s happening. I’m Howard Freedland, and this is your Echo Commercial Tip of the Week.
One of the biggest pressure points in the market right now? Labor. Specifically, the lack of skilled, affordable construction labor. With a sharp decrease in migrant workers across the U.S., the construction industry is struggling to keep up—and that shortage is driving costs through the roof.
You’ve got fewer hands-on site, longer timelines, and way more expensive bids. That $5 million development budget? It just became $6.3M—and if you didn’t account for that shift in your pro forma, you’re already in trouble.
The market has changed. Labor shortages aren’t going away anytime soon. So if you’re in the development game, adjust your numbers, pad your timelines, and get real about costs.
Failing to factor in today’s labor reality isn’t strategy—it’s negligence. Build smarter… so you don’t become that guy.
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