The homebuilding market is booming amid the pandemic, spurred by low interest rates, a lack of inventory, and a renewed interest in single-family living in a socially distanced world.
Yet the industry is not without its challenges. From the skilled labor shortage to housing affordability issues to the rising cost of new construction, builders—and their trade partners—face mounting obstacles and a turbulent economy.
To identify the biggest challenges—and opportunities—for builders, UTOPIA partnered with ProBuilder magazine to survey more than 90 of ProBuilder’s past and current 40 Under 40 winners about their vision for the future of the homebuilding industry.
These young leaders and rising stars bring a fresh perspective and a tech-first mindset to the business of homebuilding. Represented in this 40 Under 40 group are production builders, custom builders, multifamily developers, designers, architects, and startup entrepreneurs.
Housing’s Leaders on the Future of Construction and Homebuilding
The research report, Housing’s Leaders on the Future of Construction and Homebuilding, will be released in multiple parts throughout September and October.
This is Part 1. It covers an important topic: What’s wrong with the traditional homebuilding market. We asked the 40 Under 40 group to identify one thing they would change about industry.
Of the 90 professionals that participated in the survey, 64 offered their input on this topic. Their responses are grouped by topic to present the top 7 problems homebuilders face in today’s market.
Check out Part 2 in this series titled: 4 Big Innovations in Homebuilding: Smart Homes, Automation Lead the Way