Colorado is currently in the midst of a housing crisis. This is putting a major strain on construction companies in the Centennial State that are trying to keep up with the high demand for affordable housing. In this two-part article, a Colorado Springs construction lawyer at Cotney Construction Law will be detailing the causes of the affordable housing crisis and the steps being taken to pull Colorado out of this spiral. If your construction firm is feeling the strain of the housing crisis and is concerned with staying compliant with all state and federal laws, consult with a Colorado Springs construction attorney at our prestigious construction law firm.
The Current Crisis
The housing crisis isn’t confined to Colorado. In some areas of the U.S., demand for housing is 10 times the amount of homes currently being built. Denver alone is short 32,000 housing units. Despite this staggering demand, home building is at a 40-year low. These numbers are especially concerning because they affect all of Colorado’s citizens. Construction companies can’t keep up and have to charge more for materials and services, which increases home prices and makes it all the more difficult for families to afford their rents and mortgages.
How Did We Get Here?
In order to find a solution to Colorado’s affordable housing crisis, we have to take a look back at what started it. Unfortunately, it doesn’t come down to a single, clear-cut problem. The Great Recession left scars on this industry that have yet to fully heal, and there is still a great need for young workers to combat the industry’s labor shortage. Additionally, Colorado’s wages have failed to keep up with its booming population. Combine this with harsh zoning laws, expensive undeveloped land, and rising material costs, and you have an affordable housing crisis on your hands.
As we’ll see in part two, construction companies have a tough road ahead of them. The labor shortage is putting the pressure on this industry’s aging workers. Long hours and an increased workload can put even the most seasoned of construction workers at risk of injury. Consult with an experienced Colorado Springs construction attorney if you’d like to know how to keep your workforce safe while also keeping up with the growing demands of the construction industry.
If you would like to learn more about Colorado’s affordable housing crisis, please read part two.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.