Low housing inventory and historic demand

In March 2023, there were only 980,000 unsold homes on the market. Down 34% over the past three years. As a result. The median price of homes sold in the U.S. has surged 42% since 2019.

A shortage of skilled labor

The home-building industry is facing a shortfall of more than 300,000 skilled trade workers. The majority of surveyed builders report a severe skilled labor shortage.

High materials costs

Building materials costs skyrocketed during the COVID 19 pandemic and have not returned to pre-pandemic levels. In 2022, overall costs rose 4.7% - reflecting the particularly high cost of certain materials like asphalt shingles, concrete blocks and drywall.

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Fewer cars, higher prices

Supply chain issues during the COVID-19 pandemic depleted the supply of new and used cars and inventories have not yet recovered. As a result, the average price of new cars has risen 20% since 2020, while used car prices have skyrocketed 37%.

Higher repair costs

The same market dynamics are driving a shortage of car parts and equipment. Which were 22.3% more expensive at the end of 2022 than they were two years earlier. The overall cost of maintaining and repairing vehicles increased 18.4% over the same timeframe - exacerbated by a growing shortage of car repair technicians.

Rising cost of medical care

While the number of injuries and fatalities from car accidents has somewhat declined from its peak in 2021, the rising cost of medical care continues to drive higher claims costs. Between 2020 and 2022, the overall cost of medical care in the U.S. increased 6.8%.

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