Construction Companies Are Clamoring for Managers
Despite rising interest rates, new home sales and housing starts remain remarkably robust. July housing starts jumped 8.3% over the prior month and 4.5% over year-earlier levels to a seasonally adjusted annual rate of 1.978 million, the Commerce Department reports. The industry’s run of good health is causing homebuilders nationwide to scramble for managers to oversee existing projects and plan for future growth.
“Our sales are so good that our challenge right now is finding the project managers who can build and deliver those homes,” says John Downs, vice president of human resources at Toll Brothers Inc., a large builder of luxury homes based in Huntingdon Valley, Pa. Toll Brothers in August reported record third-quarter and year-to-date results in revenues, backlog and home-purchase contracts.
The dearth of middle-management talent confronting Toll Brothers also stymies other homebuilders and, indeed, construction companies. While qualified senior-level executives are reasonably available, finding skilled and experienced middle managers — where the need is greatest — is an unending, often fruitless quest.