In case of you have not noticed, construction has been booming in South Florida for a while. Contractors are faced with labor shortages and their responses include: increased pay and job training programs. This article published in the Fort Lauderdale Sun Sentinel on August 31, 2016 explains the situation in detail.
This means that some of the labor that may be servicing your Condominium or Homeowners Association could be lured away by new career opportunities or increased pay.
This could impact your association budget in at least 3 different ways:
- Your onsite association/management company employees may require raises to retain them.
- Your contractors working on projects may struggle to get the labor required to complete the work in a timely, cost effective manner.
- Your maintenance contractors may have labor cost increases that result in service cost increases. This includes: pool service, landscape, security and cleaning.
A more detailed analysis of the impact on landscape cost increases will be coming in a Budget Tip blog post early next week.