Navigating Labor Challenges in Affordable Housing Development

Leading construction and finance experts gathered at Turner & Townsend’s New York office to discuss the impact of tariffs, interest rates, new technology, labor availability and more on commercial construction.

1.    Uncertainty: The construction industry faces significant uncertainty due to volatile interest rates, higher tariffs and costs for materials and labor.

2.    Contract Scrutiny: Detailed contract reviews, especially force majeure clauses, are crucial to manage risks.

3.    Risk Mitigation: Strategies such as early material procurement, storing materials and increased contingencies in contractor agreements are essential to safeguard projects.

4.    Labor Challenges: Rising costs and shrinking labor availability are critical factors affecting construction projects.

5.    Affordable Housing: Despite market volatility, affordable housing projects continue due to the critical need for them and creative financing solutions.