The growth seen in the Tampa Bay area is indicative of Florida’s real estate market continuing to rebound in the wake of the 2008 financial crises. However, there has been a growing rise of concern among developers and contractors over the apparent lack of construction labor in the state.
Though Florida has been steadily recouping construction labor forces following the massive fallout of the the state’s real estate bubble bursting, the skilled laborers who left Florida en masse have yet to return in the same manner.
Developers and real estate investors have been seeing this translated throughout the state in the velocity of new construction projects. New developments are moving relatively slow compared with pre-burst construction rates as labor forces are stretched thin.
Though experts and economists are ensuring that overall, construction labor is on the return, referencing year over year gains in the state–Sarasota Herald Tribune reports Florida had 455,000 construction jobs in August, up a healthy 5.1 percent, or 22,000 positions, from August 2015–month to month figures indicate differently. July to August saw a loss of about 1,200 construction labor positions, according to the same report. Though new developments continue to progress, state law-makers may have to address these rising concerns as Florida continues to compete with other states for a diminishing skilled labor force. The Associated General Contractors of America is pushing U.S. legislators to enact over-arching reform in technical and trade training to meet the growing labor demand.
Developers and contractors may come into hot water with investors and financiers over construction deadlines, which may result in legal disputes. Wolfe Law Tampa, PLLC is committed to ensuring an equitable resolve of any dispute that may present itself. Our expert attorneys can solve many construction disputes through mediation without the need for trial. Should a need for trial or arbitration arise, rest assured, Wolfe Law Tampa, PLLC will provide dedicated and diligent representation for our clients.