NHPF Industry Report
The way forward includes accessing data and technology to model out climate change along with social and demographic changes at the local level, allowing owners and developers to better understand where they should build, and which infrastructure improvements need to be made. Insurance modeling software today is both cost-prohibitive to many and primarily models based on how historical events would have impacted a portfolio’s assets. While that data is important, more advanced software becoming available includes “Climate Risk Analytics”, provided by CoreLogic, which does the pre-building work, ensuring properties are built to withstand catastrophic weather events. The goal is for products like these to be made widely available. The industry must do all it can to enshrine the goal of housing insurance: to protect residents, and assets, long term, and control costs (including insurance) to guarantee continuous investment in communities.
Invest in Trade Schools and Other Skilled Labor Education
“Bridging the labor mismatch in US construction should start with early training and early talent acquisition through partnerships with universities, colleges, and high schools.” —GARO HOVNANIAN, RYAN LUBY, AND SHANNON PELOQUIN, MCKINSEY & COMPANY Shortages in skilled labor have been on the rise since US families were sold an American dream with only one path—a four-year college degree. Stupefying student debt, recessions, the housing crash, paychecks unaligned with the cost of education and other factors have caused many to rethink that path. Yet, there is good news.
THE NHP FOUNDATION 2023 SYMPOSIUM: INDUSTRY REPORT • 9
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