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A national shortage of construction workers is driving high home prices. The industry is struggling to fill the gap.
Seth Herald/Anadolu Agency via Getty Images
The construction industry is facing a labor shortage of about 500,000 workers this year.The worker shortage is pushing up housing costs amid a national housing shortage. Industry experts say the US needs to invest in creating a pipeline from schools to construction sites.When the pandemic hit the US in the spring of 2020, construction projects of all kinds froze and workers were laid off in huge numbers. But as remote work took hold and many sought larger homes, demand for new residential construction quickly picked up and workers were back on the job.
That momentum has kept up. Over the last four years, the industry has seen a surge in demand for labor amid a nationwide shortage of housing and a surge in new government funding for major infrastructure projects. This year, the construction industry is short about 500,000 workers — and that's "on top of the normal pace of hiring," according to a January 2024 news release from the trade group Associated Builders and Contractors. The worker shortage is now the biggest issue builders are facing, experts say.
"Contractors do tell me that finding workers is their number one problem," Ken Simonson, chief economist at the Associated General Contractors of America, told Business Insider.
While the rising cost of housing is in large part a result of restrictive zoning laws and building regulations, the construction worker shortage is also pushing up home costs. Fewer construction workers means less — and slower — residential construction, which in turn leads to higher home prices, according to a 2023 report from researchers at the University of Utah and the University of Wisconsin-Madison.
"It boils down to that age-old supply and demand in the sense of if there are fewer workers to work on the projects, that's going to elongate the project, the completion, that's going to increase the cost of the project itself," Kit Dickinson, an industry executive at ADP — a human capital management solutions provider — told Business Insider. "Conversely, that creates a great demand for these workers, which can command a higher wage."
Builders and infrastructure projects are in desperate need of all kinds of construction workers, but especially skilled tradespeople. Dickinson said there aren't enough plumbers, pipefitters, or people in other trades to meet growing demand.
Demand for workers is only expected to rise with the construction of major infrastructure and clean energy projects — in part funded by big federal packages, including the Infrastructure Investment and Jobs Act of 2021, the Inflation Reduction Act of 2022, and the CHIPS and Science Act of 2022. Ben Brubeck, vice president of regulatory, labor and state affairs at Associated Builders and Contractors, said the US will see an uptick in demand for skilled tradespeople for these "mega" projects, "not only in their initial construction but also in their operation and maintenance," he added.
Growing the workforce
Both short- and long-term solutions to the worker shortage are key.
"I think the construction industry has long been saying our workforce is rapidly retiring, and it needs to be replenished," Maja Rosenquist, senior vice president of builder and development company Mortenson, told Business Insider. "We need to be as inclusive as possible to make sure that we've got the right workforce in the future."
Simonson said that allowing more immigrants into the country to fill construction jobs is crucial. But the US also needs to create a stronger pipeline of young people interested in pursuing construction as a career, he said. This will require more funding from the federal government, he said, but also more local support.
"It really also comes down to state and local school district policies and individual guidance counselors, teachers and parents to get the message to kids that there are lucrative, rewarding — both financially and in satisfaction — careers in construction," Simonson said.
Brubeck said his organization is trying to promote the trades as a path into the middle class, and potentially to owning a business, as many tradespeople ultimately run their own operations. "We think it's sort of the best-kept secret, the fact that you can earn while you learn. You don't get in this college debt cycle," he said. "And you've got a job ready for you basically right away."
The increasing use of technology in construction could also be a draw for younger generations.
"There's a stronger technology element that people might not be initially aware of and come to understand that construction is a very high-tech industry," Dickinson said, noting the use of technology from the work site to the construction office.
That even includes usage of AI, "to help with planning and bidding on future projects, as well as executing projects," Dickinson said.
Highlighting the diverse work opportunities in construction could also be helpful for employers and builders looking to increase employment.
Rosenquist said it's an "amazing industry in terms of you can pretty much do anything you want to in this industry."
"But I think the general population when they think about, oh, my kids going into construction just has this vision of a hard hat and holding a sign," Rosenquist said.
President Joe Biden is relying on union support in his re-election campaign and is widely viewed as the most pro-union president since Franklin D. Roosevelt.
"These are relatively good jobs, especially if they're jobs with unions," Heather Boushey, a member of the president's Council of Economic Advisers and chief economist for Investing in America, told Business Insider in 2023 about construction jobs. "If they're represented by a union, people can know that their safety issues are being focused on by the union and the like."
Some experts say the federal government is overly concerned with prioritizing union labor, which makes up a small fraction of the broader construction workforce. By requiring union workers for most large federal government-funded projects, "the Biden administration is actually exacerbating the skilled labor shortage that we have because there just isn't enough union labor to do this work," Brubeck said.
Making the industry more appealing to women
Boushey pointed out that the share of women in the overall construction industry has climbed. Experts find attracting more women needs to be a priority in construction.
To do so, that would include more accommodations, which Dickinson said "whether it's nursing stations at the job site or daycare, to making the equipment more tailored to different genders and body types as opposed to a one-size-fits-all."
Rosenquist said that she's encouraged by the future of prefabricated construction, which could be more attractive to women.
"Maybe they're going to the same manufacturing facility every single day for five years versus being on a job site where they're changing locations every five months," Rosenquist said.
But the construction industry has lost some of its edge as compensation in other industries, including restaurants and hospitality, has risen, and remote and hybrid jobs offer cushier, more flexible alternatives, Simonson said. The construction industry is also at a disadvantage because most workers can't do manual labor until they retire.
"I worry that construction is going to keep losing out on workers or have to raise pay even more than the 5% increase that we've seen for the last three years," he said.
What is it like working a construction job or dealing with a construction worker shortage in the US? Reach out to these reporters to share at mhoff@businessinsider.com and erelman@businessinsider.com.
317,000 student-loan borrowers are getting $6.1 billion in debt canceled after being misled about career prospects and how much money they could make after graduation
Kyle Mazza/Anadolu via Getty Images
The Education Department announced $6.1 billion in student-debt relief or 317,000 borrowers.The relief applies to borrowers who attended any Art Institute campus from January 1, 2004, to October 16, 2017.Investigations found that the Art Institutes misled students about career prospects and salaries.Student-loan borrowers who attended a for-profit chain accused of fraud are getting debt cancellation.
On Wednesday, President Joe Biden's Education Department announced that 317,000 borrowers who attended any Art Institute campus between January 1, 2004, to October 16, 2017, will receive $6.1 billion in debt relief.
The Art Institutes were a for-profit system that prompted investigations from the attorneys general of Iowa, Massachusetts, and Pennsylvania. Using internal data from the schools, the investigations found that the Art Institutes "engaged in widespread and pervasive substantial misrepresentations that deceived students about the value they would be receiving from their education," according to the department's press release.
While all remaining Art Institute campuses closed in September 2023, some of its former students are still making payments on the debt. Wednesday's announcement changes that.
"The Art Institutes preyed on the hopes of students attempting to better their lives through education," Federal Student Aid Chief Operating Officer Richard Cordray said in a statement. "We cannot replace the time stolen from these students, but we can lift the burden of their debt. We remain committed to working with our federal and state partners to protect borrowers."
According to the department, this group discharge will automatically provide relief to impacted borrowers — including those who had not submitted an individual borrower defense to repayment application, a form borrowers can fill out to request relief if they believe they were defrauded by the school they attended.
The department will begin notifying borrowers of the relief on Wednesday. It will also ensure that impacted loans are put on pause so borrowers do not have to make any payments while the relief is carried out.
"This ensures that they will not face any further financial demands from these loans during the time needed to process their discharges," the department said. "When their discharges are processed, borrowers will see any remaining loan balances adjusted and credit trade lines deleted."
The investigations from the attorneys general found that the Art Institutes advertised that over 80% of graduates landed jobs within six months of graduation when that was not the case. The schools also had inaccurate average salaries — for example, according to the investigations, a former employee said a coworker used salary.com to report a graduate's salary as $25,000 despite the graduate reporting an $8,000 a year income.
Since Biden took office, the Education Department has enacted a range of targeted relief for defrauded borrowers. In June 2022, the department announced $5.8 billion in debt relief for 560,000 borrowers who attended now-defunct for-profit Corinthian College, the largest group charge the department had acted on to date.
In addition, the department has been carrying out relief through one-time account adjustments for borrowers on income-driven repayment plans and Public Service Loan Forgiveness, allowing payments that may not have previously been counted toward forgiveness to be accounted for.
More broadly, the Education Department is working to implement its broader student-loan forgiveness plan after the Supreme Court struck down its first attempt. The new plan, expected to benefit over 30 million borrowers, is in its public comment period, and the department plans to move toward final implementation as early as this fall.
Mortgage Interest Rates Today, May 1, 2024 | Rates Hold Steady at 7%
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Hot inflation data has pushed mortgage rates way up this month. Until inflation shows signs that it's cooling this year, rates are unlikely to ease.
Today, 30-year mortgage rates remain around 7%, according to Zillow data. Rates spiked up in early April, and they've held relatively steady for the last couple of weeks.
Where rates go next depends on how the economy trends this year. So far, inflation has remained sticky, though many experts still believe it will decelerate throughout 2024. It just might take longer than initially expected.
This means mortgage rates will likely remain higher for longer as well. But we could see rates finally start to trend down in the second half of the year.
Mortgage Rates Today
Mortgage Refinance Rates Today
Mortgage Calculator
Use our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments.
By plugging in different term lengths and interest rates, you'll see how your monthly payment could change.
30-Year Fixed Mortgage Rates
The average 30-year fixed mortgage rate was 7.17% last week, according to Freddie Mac. This is seven basis points higher than it was the week before.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.
The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you'll have a higher rate than you would with shorter terms or adjustable rates.
15-Year Fixed Mortgage Rates
Average 15-year mortgage rates were 6.44% last week, according to Freddie Mac data, which is a five-basis-point increase from the previous week.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.
Are Mortgage Rates Going Down?
Mortgage rates increased throughout most of 2023. But mortgage rates are expected to trend down in the coming months and years.
In the last 12 months, the Consumer Price Index rose by 3.5%. As inflation comes down and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates should fall further as well.
For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
How Do Fed Rate Hikes Affect Mortgages?
The Fed aggressively raised the federal funds rate in 2022 and 2023 to slow economic growth and get inflation under control. As a result, mortgage rates spiked.
Mortgage rates aren't directly impacted by changes to the federal funds rate, but they often trend up or down ahead of Fed policy moves. This is because mortgage rates change based on investor demand for mortgage-backed securities, and this demand is often impacted by how investors expect Fed hikes to affect the broader economy.
Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.
Melissa McCarthy responded to the backlash over Barbra Streisand asking whether she used Ozempic: 'I win the day'
Michael Buckner/Variety/Getty Images/Alberto E. Rodriguez/Getty Images
Barbra Streisand asked Melissa McCarthy whether she used Ozempic, which was met with a backlash.Streisand later explained that she wanted to "compliment" McCarthy.McCarthy responded: "The takeaway: Barbra Streisand knows I exist."Melissa McCarthy has responded after Barbra Streisand sparked a backlash by asking her if she used Ozempic to lose weight.
On Monday, McCarthy posted a photo on Instagram of herself and director Adam Shankman at the Center Theatre Group's 2024 Gala in Los Angeles, where McCarthy's friend, Matthew Bourne, was made an artistic honoree.
While many fans complimented the pastel green outfit McCarthy wore at the event, Streisand made a surprising remark about her weight loss. McCarthy's weight has fluctuated over the years. In 2018 she told Life & Style that she lost 75 pounds by consistently exercising and eating a high-protein and low-carb diet. "It may be the best thing I've ever done," she said at the time.
In a now-deleted comment, Streisand wrote: "Give him my regards did you take Ozempic?"
Barbra Streisand asks Melissa McCarthy if she took Ozempic in now-deleted comment:
“Give him my regards did you take Ozempic?” pic.twitter.com/b0eNUtm7xK
Fans were initially shocked that Streisand was so direct in questioning McCarthy, largely because the actor's Instagram post was not about weight.
Some users suggested that Streisand probably intended to privately message McCarthy, and publicly commented by mistake.
On Tuesday, McCarthy posted a video on Instagram that showed her reading the 2022 issue of Women's World with Streisand on the cover, noting that the pair have spoken since the comment went viral.
"The takeaway: Barbra Streisand knows I exist. She reached out to me, and she thought I looked good!" she said, adding: "I win the day."
When asked by TMZ to comment on the situation on Tuesday, McCarthy made it clear that she wasn't upset by Streisand's comment.
She said: "Oh, I think Barbra is a treasure, and I love her."
Streisand also addressed the remark on Tuesday in a statement posted to her X account and Instagram story.
"OMG - I went on Instagram to see the photos we'd posted of the beautiful flowers I'd received for my birthday! Below them was a photo of my friend Melissa McCarthy who I sang with on my Encore album," the statement read.
"She looked fantastic! I just wanted to pay her a compliment. I forgot the world is reading!" Streisand continued.
Representatives for her and Streisand did not immediately respond to requests for comment from Business Insider sent prior to Streisand and McCarthy's public statements.
Speculation is rife over who in Hollywood uses Ozempic
Ozempic has become a byword for a buzzy new class of drugs called GLP-1 agonists, which are used to manage conditions including obesity and diabetes. (Ozempic is actually prescribed for diabetes, and Wegovy for weight loss). Celebrities including Elon Musk, Amy Schumer, and Chelsea Handler have all been open about using such weight loss drugs to slim down.
The hype around the drugs that mimic the GLP-1 hormone, which tells the brain that the body is no longer hungry, has led to speculation about who in Hollywood uses them.
The drug even got a shoutout in Jimmy Kimmel's opening monologue at the 2023 Oscars. He joked: "Everybody looks so great. When I look around this room, I can't help but wonder 'Is Ozempic right for me?'"
McCarthy has not publicly commented on whether she has used Ozempic, but she has discussed her weight in numerous interviews. In 2023 she told People that she's happy with her current look.
"And somewhere in my 30s, I was like 'I'm okay with who I am.' And if someone wasn't thrilled with that, that's okay too," she explained. "At some point I was like, 'They're not all going to like you.' You have to learn that the hard way, but it's a good [lesson]."
My dad died when I was 14. I'm jealous of all the people who got to spend more time with him.
Courtesy of the author
My dad adopted me when I was 4, but to me he was always my father. He died suddenly when I was 14. Our time together was only a small percentage of the life he lived, and we missed on so much.Being part of the Dead Dads Club™ is hard, but I doubt that's surprising. It doesn't seem to get easier with time, either.
My dad adopted me on April 27, 2004, when I was 4. He and my mom met after I was born, but he was always my father.
I love it when people share stories about my dad. He's not around to make more memories, so it's nice to reminisce on the ones he was part of. But one of the things they don't teach in the Dead Dad Club™ is that as kids of deceased parents, we have to deal with the fact that we might not have been around for the majority of these memories.
Having limited memories is hard
With grief, it sometimes feels like grasping at straws to find something new to think about when it comes to him. He died suddenly 10 years ago when I was 14. We spent nearly every day going back and forth to school and sports practices, talking, and listening to music in his truck.
Then it was all over and our time together was dwindled into memories.
So many people had precious moments with my dad long before I was around, and my dad had many without me, too. Of the years he was alive, I was only part of a small percentage, so sometimes I selfishly feel like I got robbed out of experiences and conversations we should've had that he had with someone else.
My dad loved family more than anything
My dad walked my sister, who is 15 years older than me, down the aisle at her wedding. I don't think I ever saw him happier than he was that day, aside from when my nieces were born. Forget Ron or Ronnie: Dad, Papa, and Uncle Ronnie were his favorite names to be called.
He was an overgrown child. Whenever he was around a random little kid in the grocery store or a restaurant, he'd look down at them and say in his big, booming voice: "How are you today?" Usually, they'd freak out that a strange man was talking to them, and he'd begrudgingly chuckle a bit. Sometimes, though, he'd make a new little friend.
He was the biggest supporter and cheerleader you'd find. He attended many of my cousins' sporting events and was at every one of my softball games, dance recitals, and cross-country and track meets. I think the activity we did the most together was playing catch in the front yard, followed by doing cannonballs in the pool. We also ate our fair share of French silk pie together, and every time I eat a slice, I think of him.
I think about what he's missing often
But he died before I ran my fastest times in high school — at the track meet in his hometown, of course — and before he could see me graduate. He didn't see me start and finish college and grad school, move to a big city, get my first job in my field, and meet someone special. (He never met anybody I dated, so I guess good for them, he would've left a scary first impression.)
He won't be there to walk me down the aisle or be called Papa by my kids when I have them. But I'll be sure to tell them about him.
I'm glad so many people shared fond times with him and know just how selfless, loving, and hilarious he was. But it's hard not to feel jealous, especially as time keeps moving and reminding me that soon, there will have been more years without him than I spent with him. Still, I hold memories close — mine and the ones others kindly share with me.
My $500,000 home renovation nightmare
Chris Burnett for BI
As I stood in my newly renovated bathroom, watching water spill over the shower edge and flood the room, I alternated between rage and exhaustion. Even with my untrained eyes, I could tell that the lip of the shower was improperly leveled, which led to water cascading to the floor instead of swirling toward the drain. If it was left unchecked, the long-term water damage would be disastrous.
The giant puddle at my feet felt like a watery manifestation of the shoddy workmanship, mounting expenses, and legal battles my husband and I had endured during the renovation of our 1,600-square-foot cottage. What was supposed to be a yearlong $140,000 renovation ballooned into three excruciating years that cost us more than $500,000 — and the work is still not finished.
Our story is not unique. Homeowners nationwide have grappled with similar construction calamities wrought by unreliable and often unscrupulous contractors. The surge in home renovations post-health emergency, fueled by hit TV shows such as "Property Brothers" and "Love It or List It" that make renovations look like a breeze, exacerbated the situation. According to Harvard's Joint Center for Housing Studies, home-improvement spending skyrocketed from $328 billion in 2019 to $481 billion in 2023. With demand soaring, contractors have been in short supply, granting them an unprecedented amount of power. If they leave projects half done or don't do a good job, opportunities still abound and new clients line up at their doors.
In Rhode Island, where my husband and I live, complaints to the Department of Business Regulation surged by 30% from 2019 to 2021, predominantly centered on contractors who accepted payment but failed to complete the contracted work. Between 2021 and 2022, the construction consultancy Arcadis reported a 42% increase in the average value of construction disputes in North America, a historical high. But as my husband and I soon discovered, unless you've made a plan, legal protections for homeowners are close to nonexistent.
When our family bought our 130-year-old property in Northern Michigan in September 2020, we thought we'd be moving in by June 2021. We hoped to use the small cottage as a summer getaway and rent it out for the remainder of the year. We planned to gut it, improve the plumbing, electrics, foundation, and windows, and update the bathrooms and kitchen — a project that several contractors told us should take a year, give or take. Things started out well, but by fall 2021, it became apparent that our contractor had no intention of adhering to the agreed-upon timeline. Our descent into renovation purgatory had begun.
Initial delays were blamed on supply-chain shortages, and while those certainly affected the timeline, we later realized our contractor had misled us about when he ordered supplies and ignored our project for months at a time. The delays were the first of many red flags, yet with a home now ripped down to the studs and few alternative options in the cottage's small Michigan town, we felt powerless to change course.
We initially thought our cottage renovation would last a year.Christine Chitnis
As the years passed, the budget tripled, we drained all our savings to make payments, and the planned timeline became a distant memory. We felt like the proverbial frogs in the pot of boiling water. Every time our contractor turned up the temperature, we grimly adjusted to the reality of our demise.
We finally demanded to move in during spring 2023. But shortly before, our contractor abruptly requested full payment on all work completed to that date. He threatened to withhold the certificate of occupancy, which is issued by the local government to the building-permit holder and indicates the building is up to code and all the work outlined in the building permit is done, unless we complied. Knowing the cardinal rule of home renovation — never pay in full until the job is over and inspected — we grew suspicious.
My husband and a contractor friend immediately flew in to assess the situation and were horrified by what they found: a botched paint job, improperly installed doors, leaky windows, shoddily installed flashing, and exposed pipes sticking out of the front yard. That's not to mention a long punch list left that included installing storm doors and exterior landings, repairing damaged siding, and covering exposed pipes. Worst of all was the shower that transformed our bathroom into a miniature swimming pool.
It seemed like a slam-dunk case: We paid for a service that wasn't finished.We refused to pay, and after requesting complete documentation and accounting of all the work, we noticed significant budget discrepancies, such as gaps between what a subcontractor had billed (for example, $11,000 for framing) and what our contractor said he paid them ($18,000). The paperwork included notarized "paid in full" lien waivers from our contractor and all the subcontractors — documents that said we had paid everything we owed.
So we sought legal recourse, terminated the relationship, and ignored the outstanding balance. Surely, we thought, there must be consumer protections for people in our situation. It seemed like a slam-dunk case: We paid for a service that wasn't finished. A year later, we learned just how few protections existed.
The court dismissed the notarized lien waiver as a mere mistake on the contractor's part. The mediator offered trivial solutions to significant problems — "Take a crowbar, rip out the tile, and relevel the bathroom, no big deal. It's a weekend project," he said, as if we hadn't just paid tens of thousands of dollars for our contractor to do just that. The lack of sympathy from the court — and the fact it would cost us double what the contractor was asking for in legal fees to pursue further legal action — pushed us to settle. We paid the contractor the $32,000 he said he was owed, leaving us with an exorbitant legal bill and no closure. While we were able to move in eventually, we remain trapped in a cycle of endless repairs, gathering quotes to rectify the mess left behind by our contractor's poor work.
We've learned the hard way that your protection as a consumer largely comes down to what you do before the work even starts. After talking with other homeowners, I discovered just how easy it was to get taken advantage of.
Amanda Jane Jones began renovating her Utah home in 2020 with a contractor who came highly recommended by neighbors. Everything went well for the first few months, but then work started to slow down, and subcontractors stopped showing up. Jones had been paying incrementally, which felt safe and responsible. But then her young family's rental home went up for sale, and they had to move out. Desperate to move into the home she owned, Jones wrote her contractor a check for $190,000, which he said was needed to meet their move-in deadline. Then he disappeared. One by one, the subcontractors, who had finished their work months prior and had supposedly been paid by the contractor, began showing up at her door requesting payment.
David Jensen, a New Jersey attorney at the firm Greenberg Traurig, told me the first thing you can do to protect yourself is get reliable referrals for a contractor and check that they're licensed and registered as a business. But for Jones, reliable referrals weren't enough.
Your protection as a consumer largely comes down to what you do before the work even starts."Once we hired a lawyer and they conducted a background check, it turned out our contractor had gone bankrupt several other times," Jones said. "Each time, he created a new company name with only a slight variation of the first. He'd been to court multiple times, but his license was never taken away."
She recommended homeowners hire a lawyer to run a full background check for insurance coverage, complaint history, and litigation records. "He stole over $200,000 from us," Jones said. "We would have been fine if we hadn't written him that last check, but we fell for his trap." Her family was able to move in, but four years on, the house still isn't complete. Because the contractor already had liens against his assets from previous bankruptcies, their lawyer advised against pursuing legal action — there was nothing they stood to gain.
Jensen, whose practice is focused on construction-contract negotiation, also cautioned against paying in advance, especially without understanding how those funds would be used. "Many residential contractors want money up front in the form of a deposit, and they won't take the job if you don't put up money," he said. "Try your best to negotiate the deposit down and to get clarity about what it is to be used for."
He recommended requesting monthly accounting with detailed line items and progress lien waivers from the contractor and subcontractors. "Often contractors are telling you they need the money for your job, but they are using that capital to finish the job before yours," Jensen said. Accounting for every penny spent is a pain, but knowing where your money is going will save you a lot of pain down the road.
That's exactly what Lisa DiAntonio, a homeowner in Andover, Massachusetts, did. Despite completing several home-improvement and renovation projects with her husband over the years, she lacked the confidence to DIY the renovation of her newly purchased 6,500-square-foot home. Their contractor quoted about $1.8 million for the renovation, with $35,000 for demolition. She put down a 10% deposit of $180,000, and the work began in January 2022. DiAntonio noticed that the demo crew would show up for a few days, and then disappear for weeks. Progress seemed slow, and while she was supposed to receive a monthly bill with accounting, nothing arrived for the first several months, despite persistent follow-ups.
In the wild west of home renovations, it's every homeowner for themself."April rolls around, and he hands us a bill for $185,000," DiAntonio said. But according to what had been quoted, only about $90,000 worth of work had been done; the demo alone had been billed at three times the amount quoted. "In our contract, any time something was different than the quote, we were supposed to be alerted," she said. But there had been no warning that the demo was going over budget. Seeing the red flags, she immediately fired him. Because he hadn't followed the contract, they were able to make a clean break and have someone else finish the job. When DiAntonio went to transfer the building permit to her name, she discovered that her contractor had failed to obtain a demo permit.
Ultimately, a homeowner's best protection is a good contract — something we fell short on. Our contract, a mere one-page document drafted by our contractor, provided minimal safeguards and left us with scant legal recourse. If we did it again, we would include rules for how to handle changes to the project, penalty fees for missed deadlines, and clear costs for each job, including labor and supplies. (We discovered our contractor had outsourced much of the work we had paid for him to do himself, effectively double charging us the contractor fee).
Jensen recommended starting with standardized contracts from organizations such as the American Institute of Architects and customizing them to fit your needs. He encouraged including what's called a "right to terminate for convenience" clause, which allows the homeowner to fire their contractor at any time without cause. "At the end of the day, you are at the mercy of your contractor, but this clause is one of the most useful tools I have ever used," Jensen said. "It might not get you your money back or solve all your issues, but it gives you the power to move on from a bad situation."
The home-renovation world is a minefield. Each state has different regulations, legal recourse is slim, and competition for contractors is fierce. The best defense is vigilance — do your research, scrutinize, and demand accountability. In the wild west of home renovations, it's every homeowner for themself.
Christine Chitnis is a photographer, journalist, and author who has written for Condé Nast Traveler, Elle, Vogue, The New York Times, and Travel + Leisure.
I quit my $376,000 dream job at Goldman Sachs to care for my mother when she got sick. I felt sorry for myself at first — but now I have no regrets.
Courtesy of Cassindy Chao
Cassindy Chao, 55, is a former finance executive turned matchmaker.After six years at Goldman Sachs, Chao decided to quit her job to take care of her ill mother.She said the decision allowed her to spend time with family, marry, and have children.This as-told-to essay is based on a conversation with Cassindy Chao, a 55-year-old matchmaker from Oakland, California, about quitting her dream job as a finance executive. It's been edited for length and clarity.
I'm a 55-year-old matchmaker who used to live the "Crazy Rich Asians" lifestyle, working in finance.
I went into that line of work because I knew it was lucrative and felt like a responsible choice. After graduating from Wellesley College, majoring in Chinese studies and economics, I worked at a couple of finance jobs before being poached by Goldman Sachs in Hong Kong.
At Goldman Sachs, I made over $376,000 annually. I was on top of the world, traveling and buying myself jewelry and designer clothes. It was a very luxurious lifestyle. My co-workers and I would fly to Thailand, Japan, or Vietnam on weekends. I was in the center of it all.
Years after starting the new job in 1993, my mom got sick with ovarian cancer, and it was devastating. I quit Goldman Sachs in 1999 and moved back home to the Bay Area, where I became lonely and incredibly sad.
It was tough, at first, but now I can say leaving my dream job was all worth it.
I went from international jet setter to a stay-at-home caregiver
When my mom got sick, I tried to fly back and forth from Hong Kong to the Bay Area to care for her, but it was unmanageable. After about three months of traveling back and forth, I quit Goldman Sachs. It was awful. I went from an international jet setter with a beautiful showpiece duplex apartment and maid to living in an old four-bedroom home.
Instead of jewelry and expensive dinners, my days were filled with brewing tea and soup for my mom and driving her to doctor's appointments.
Over time, I watched people who worked below me at the company do incredibly well. I visited friends with many Hermès bags in their closets. They'd call me and chat about their far-flung excursions and show off their homes filled with priceless art. I initially felt sorry for myself, watching them lead my formerly fabulous life.
It was hard to come to terms with my new reality
I wanted to balance both careers, but being my mom's caregiver was practically a full-time effort — chemo, blood tests, tumor assays, finding alternative medicines, getting second opinions, driving, managing her records, bill payments, and insurance negotiations. I didn't want to hire a caretaker for my mom.
All of a sudden I had to budget and save money. But over time, I felt bad for feeling sorry for myself and realized the simple things are what truly matter.
I loved my family and the priceless time I got to spend with my mother. At Goldman, it was frenetic — deals, reports, deadlines, meetings, conferences, presentations. Back in the States, there was still plenty to do, but life slowed down significantly, and I could actually relax.
My mom said I'd never get married and have a family if I stayed at Goldman Sachs
Before quitting, I worked crazy hours, traveled constantly, and chased after Ivy League banker men out of my league. I ignored my mom's advice, as I enjoyed my life.
I was dating several other finance guys when I met my now-husband Fred, an engineer, at a party in Hong Kong. He seemed friendly and happy but wore a Jackie Chan T-shirt, shorts, and Teva sandals. My first thought was, "Oh, yuck."
We instantly clicked, but I saw him more as a friend.
However, during the first year of caring for my mom, Fred showed up where the other men didn't. He was solid and always there, making me realize he was a real keeper. When I decided to move back to the US permanently, Fred packed up all my stuff and brought it back for me. We started dating seriously, and he grew to have a tremendous bond with my mom. That same year he proposed, we married, and he moved to California to be with me.
He's a goofy engineer, not a slick, rich finance guy, different from the other men I dated. If I stayed in Hong Kong, I would probably have chased after unavailable men for years. Instead, we've been happily married for over 20 years.
Was it worth it to leave Goldman Sachs?
Now, I can say yes. My mom lived for 10 years as an end-stage ovarian/liver cancer survivor before passing. I mourned her and my former high-flying life when she died, but she taught me how to thrive in any situation.
My mom's ability to make the best of any situation inspired me. She made friends with her medical team, buying gifts and knitting hats. During chemo, she would say, "I'm going to be out of it for 14 days, but afterward, let's schedule seven days of fun." We'd spend days exploring the city, eating delicious treats, and socializing with friends.
Chao with her mother Cecilia and her first grandchild.Courtesy of Cassindy Chao
I'm not rich, but I'm wealthy in happiness. I have a great marriage and three terrific kids who are now young adults. Although not everyone wants marriage and kids, I'd always assumed I'd have it.
Now that I'm older, I've found a new career I love as a matchmaker. It's not work; I love meeting so many interesting people all the time and nudging them to find someone super special.
I chose family over money, and I'm richer because of it.
If you quit a six-figure dream job and want to share your story, email Manseen Logan at mlogan@businessinsider.com.
I moved back in with my mom after losing my job and my marriage at the same time. Healing was a slow process, but I finally feel like myself again.
Stacey Poterson
Ayan Said moved to the US as a child and became a successful nurse and entrepreneur.After experiencing a divorce and job loss in 2022, she faced a period of intense personal struggle.She found support and connection on LinkedIn, and she's rebuilding her life with optimism.My parents fled the war in Somalia in 1992 when I was 5 to start a new life in the US.
I grew up in poverty, but despite the challenges, I witnessed my parents' unwavering determination and resilience. Their example instilled in me a profound belief in the power of education and hard work.
While studying psychology during undergrad, my daughter was born prematurely due to Ehlers-Danlos Syndrome. Inspired by the NICU nurses who cared for her, I decided to pursue a career in nursing.
As I witnessed the challenges exacerbated by the effects of the pandemic, I decided to leave my job and pursue full-time entrepreneurship. A nursing colleague and I cofounded a healthcare startup in 2019. It was incredibly rewarding.
Then in 2022, I was tested in ways I never imagined. I lost my job, my home, and almost everything I owned along with deep formative relationships, my identity, and my entire sense of self.
At the height of my success, I lost it all
My marriage with my partner of 20 years, my high school sweetheart, was strained by various challenges that tested our resilience.
After going through marriage counseling, I gained strength and clarity and decided to file for divorce.
When we began the divorce process, I moved my daughter and myself to my mom's for support.
While my marriage was ending, I lost my job
During this challenging period, my startup was growing rapidly, and the weight of imposter syndrome, coupled with the stress of my personal life, took its toll on my work. After my divorce was finalized in September 2022, I was fired from the startup.
These major losses shook me to my core. I was filled with inadequacy, regret, and deep shame and felt like a complete failure.
There were days when even getting out of bed seemed impossible. I was exhausted and frequently woke up in the middle of the night drenched in sweat from nightmares.
This spiral made me feel helpless and unable to see a way forward for myself and my daughter. I lost all motivation to do anything — to eat, go outside, or face anyone. I withdrew from the world. I felt isolated and consumed by my thoughts, and all I could do was cry.
My darkest moment was when I was convinced my absence would benefit my loved ones. Terrified, I knew I had to change everything to break that cycle.
Taking small steps to heal changed my trajectory
At this turning point, I knew I couldn't do it alone anymore.
I leaned heavily on my loved ones for emotional support and started therapy. I made small, deliberate changes to regain my sense of self. I took long walks. I went to the gym. I baked. I journaled and listened to affirmations I wrote and recorded, on repeat, to quiet the loud, terrifying thoughts and to hear a different perspective.
It wasn't a perfect, linear journey. I knew I needed time and space to allow myself to grieve, and it was a slow and agonizing process.
Eventually, I let go of the idea that I had to feel completely whole in an unreasonable timeframe. That was when things truly aligned and the subtle, incremental changes stacked.
I lost everything, but I gained even more in the end
I don't know if I'm completely healed but I'm not in that dark place anymore. I'm still living at home with my mom and slowly rebuilding a life for my daughter and me.
I've applied to a few part-time nursing positions at hospitals near me so I can still focus on my daughter. I've also started brainstorming an idea for a video podcast discussing nursing, entrepreneurship, burnout, mental health, therapy, and self-care.
I'm enjoying the little things again, like playing with makeup with my daughter. I've perfected my Snickerdoodle recipe and reconnected with my faith. I'm navigating single parenthood better. I finally feel like myself again, but I'm deeply, fundamentally changed — in a good way.
Sharing my story helped me connect with others and build a supportive community
I first shared my story on LinkedIn. It was uncomfortable being vulnerable, but I knew I had to share it because the discomfort I felt before clicking the 'post' button paled in comparison to the potential positive impact it could have on someone.
Shortly after, responses flooded in. The most beautiful, unexpected outcome was that my story allowed me to connect with people worldwide.
If you're feeling lost and alone, please ask for help and push through because it does get better. After the darkness, the dawn comes.
Stock market today: futures drop after Starbucks and McDonald's misses
JOHANNES EISELE/AFP via Getty Images
US futures slid as traders weighed Amazon's earnings beat against Starbucks and McDonald's misses. The earnings suggest AI demand remains robust but consumer spending may be slowing. The Federal Reserve is set to provide an update later on the likely trajectory of interest rates.Stocks slid ahead of Wednesday's market open as traders weighed an earnings beat by Amazon against signs of consumer weakness in Starbucks and McDonald's results, and waited for the Federal Reserve's updated outlook on interest rates later in the day.
Futures underlying the S&P 500 were down 0.2% shortly after 5 a.m. ET, while Nasdaq 100 futures were down 0.6%, and Dow Jones Industrial Average futures were down 0.1%.
The key 10-year Treasury yield was little moved at 4.69%, while the US Dollar Index edged up 0.2% to 106.4 points.
Amazon's first-quarter earnings surpassed Wall Street's forecasts for net sales and earnings per share, partly due to a strong performance by the Amazon Web Services business.
"Amazon added another piece to the AI puzzle revealing that demand for AI remained robust in the first three months of the year, but the stock price rose less than 2% in the after-hours trading as a weak sales forecast for the current quarter tempered optimism regarding the Q1 results," said Ipek Ozardeskaya, a senior analyst at Swissquote Bank, in a morning note.
Yet the good news was offset by Starbucks posting lower-than-expected revenue, earnings, and same-store sales growth as customers visited less and ordered fewer items. The bleak update sent the stock down 12% in after-hours trading.
McDonald's also fell short of Wall Street's revenue, earnings, and same-store sales estimates for last quarter as consumers spent less at the fast-food chain.
A painful combination of historic inflation and soaring interest rates over the past couple of years have squeezed household budgets and stoked concern of a recession.
Consumers have faced sharp increases in food, energy, and housing costs, and higher monthly payments for credit cards, car leases, and mortgage payments. As a result, many have tapped their savings, racked up credit-card debt, and put less money away each month.
Fed Chair Jerome Powell is expected to announce the results of the US central bank's two-day meeting on monetary policy later. Stubborn inflation in recent months has dampened Wall Street's hopes that the Fed will cut rates in the months ahead.
"Mood among investors is not cheery into the Fed's latest monetary policy decision due later today," Ozkardeskaya said. "And it's understandable. The Fed must respond to a three straight month jump in inflation and probably take a step back in its plans to cut the interest rates this year. There is even a risk that the Fed drops the expectation of a rate cut in 2024."
Meanwhile, Tesla fell 5.5% on Tuesday and is set to open lower after Elon Musk's EV maker announced more job cuts, including the team behind its Supercharging network.
Mastercard, Pfizer, and GSK are among the companies set to report earnings later. The economic calendar promises fresh figures for monthly employment, auto sales, and construction spending.
I moved my family to Spain where childcare is 3 times cheaper than the UK. I'm happier and healthier, and I landed a better job.
Courtesy of Sara Bustillo de Castro
Sara Bustillo de Castro, a VP and mom-of-two, spent two years living in Cambridge, UK.She said she decided to move to Madrid for better childcare and because she found the UK lonely.Bustillo de Castro said childcare is more affordable in Spain and people were more friendly.This as-told-to essay is based on a conversation with Sara Bustillo de Castro, a VP based in Madrid. Business Insider has verified her employment at a global consultancy firm. The following has been edited for length and clarity.
I moved with my family to Spain, where I'm from, after living in the UK for two years. I'm much happier and healthier than I was, and I can see us here for the next 10 years.
I had my first child in Paris in 2020. My husband and I were both working full-time and far from both our families, which was difficult. I worked for a global consultancy company. We had a full-time childminder. They would take care of our daughter in their home, with several other children, from when our daughter was five months old.
In France, childcare at a childminder's home is regulated by the state and subsidized based on income. Some parents can pay as little as 300 euros, which is around $320, a month for one child. Our income was at the higher end, so we paid full price, which was 800 euros, about $860, a month.
It was flexible, and the childminder would also take care of our daughter if she fell ill.
Childcare in the UK was expensive and hard to access
When my daughter was 18 months old, in August 2021, our family moved to Cambridge for my husband's job. I was able to transfer my job at a consultancy firm to the London office and work hybrid.
Childcare was completely different in the UK from France. Even getting a spot in the nursery was difficult. There was only one nursery place available in the city. It was in the north, and we lived in the south. It was a 45-minute drive each way.
I had my second child in April 2022. Both my children were in the same nursery. Full-time nursery care a month per child cost £1,400, which is about $1,700.
Both my husband and I had demanding jobs, and we didn't have any childcare support apart from nursery. It was extremely hard.
The system made it hard to manage childcare and work
When our children were ill, they were sent home for two days under the nursery policy. Sometimes, they'd need to see a doctor before they were allowed to go back to the nursery. It can be difficult to get doctor's appointments quickly in the UK. That made things complicated for us as working parents.
One day, in November 2021, when our daughter was ill, I had to cancel my meetings for a consulting project I was project managing to take her to get a COVID-19 test. These consultancy projects are time-sensitive, and I was under pressure. For three days, I looked after our daughter in the morning, and my husband looked after her in the afternoon so I could go back to work. It was very stressful.
Something like that would happen every two or three weeks. I'd be on work calls and hear one of the children crying in the background. I felt like I wasn't working well, and I wasn't parenting well, either.
The nursery would sometimes turn parents away at the door
Sometimes, there weren't enough nursery employees to look after all the children. The nursery employees would send a message to parents in the morning saying they could only take five children that day, for example.
There'd be a line of parents waiting outside the nursery, and after the available places were filled, the parents at the end of the line would have to take their children home.
It was pretty harsh.
We decided to move to Spain
I liked the UK's entrepreneurial spirit and food, but we weren't happy.
Not only was the childcare expensive, but it was also a very individualistic place, and I felt isolated. We asked our neighbors in Cambridge if they wanted to have dinner, and though they said yes several times, it never happened. In Spain, when you say you'll go for dinner, you set the date. Something like that seemed to happen in every single relationship that we had with British people.
We moved to Madrid in August 2023. Childcare was a big factor, but we also wanted to be near my family and have more of a support network.
My firm wouldn't let me transfer from London to Madrid, so I took voluntary redundancy. My biggest fear was that job opportunities would be more limited in Madrid, but I started a new job as a VP for an aviation company in April. I'm now earning more than I was in the UK.
People here seem healthier, and healthcare is easier to access.
The quality of childcare is better and cheaper
My youngest child is still in nursery, which is a 10-minute walk from our home, and very flexible.
People are warmer and more caring toward children than they were in the UK, though maybe it's just expressed differently.
If my son is a little ill, the nursery workers don't send him home immediately. Instead, they look after him. It feels like I'm leaving him with a family member — like a delegated maternal figure. I never felt like that in the UK.
It's 540 euros, which is about $580, a month for a full-time nursery for one child.
We have home help too
My husband and I were worried about who would look after our daughter, who is at school if she fell ill. We hired someone to work at home, which wouldn't have been affordable in the UK. They manage cleaning, shopping, and childcare when needed. The help costs us 1,750 euros a month for 40 hours a week.
They make things much easier — I realize we're very privileged.
It's nice being near family, too. They don't help out that much with the childcare but it's good for the heart.
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