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Residential construction jobs now 7.6% above pre-COVID level

Housing Wire

After a month of very little change in April , the construction sector had a solid month of job growth in May, according to the U.S. Construction gained 36,000 jobs in May, with residential building adding 5,000 jobs and residential specialty trade contractors gain 11,700 jobs. Jobs Report released on Friday.

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Construction worker shortage has reached “crisis” levels

Housing Wire

To keep pace with current construction demand, and account for attrition, 740,000 new construction workers are needed each year for the next three years , a report by the Home Builders Institute contends. million new hires for construction. The construction worker shortage has reached crisis level.

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Ascent Developer Solutions launches to serve construction loan needs

Housing Wire

Founder and CEO Robert Wasmund has a deep background in the residential construction and bridge lending industry. “We Wasmund is also the former CEO of Genesis Capital , which was sold by Goldman Sachs in 2021 to New Residential Investment Corp. , now known as Rithm Capital.

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Bain Capital gains majority stake in residential investment lender Archwest Capital

Housing Wire

Global asset manager Bain Capital announced Monday that it has acquired a controlling stake in Archwest Capital , a California -based company that offers financing to residential real estate investors. Its product mix includes fix-and-flip loans, bridge loans and construction loans.

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Deephaven’s Tom Davis: ‘Either you take market share, or someone takes yours’

Housing Wire

We’re looking at product expansions and introducing products that we have or through our sister company Anchor Home Loans , which specializes in residential transition loans (RTLs). For example, 30% of purchase transactions were new construction last year. New construction has been 33% of all purchase transactions, right?

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July’s new housing activity jumps back up amid increased demand

Housing Wire

Additionally, remodel volume – a subset of maintenance that includes renovations, additions, and alterations – increased 2.59% while spend decreased 1.59% year over year. Last month, Buildfax estimated if single-family authorizations and existing housing activity continue to gain, new construction could stabilize in the Fall.

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Why ADUs can be used for aging in place — and how reverse mortgages might help

Housing Wire

But when the apartment’s landlord declared that all units in the building would be renovated and force all current tenants out, the clock began ticking for a solution. After enlisting a local architect who understood the needs of aging, a new ADU of 650 square feet was constructed after four years at a cost of roughly $400,000.

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