Home builders have been struggling to keep up with demand as remote work fuels interest in spacious housing, with house prices rising at their fastest pace in 15 years, The Wall Street Journal reported. The US was facing a shortage of 3.8 million homes as of April, according to Freddie Mac.
BUTTER BEAN SHORTAGE 2021 DRIVERS
Both platforms have offered incentives to lure drivers back, and Uber has said it'll pour $250 million into getting those drivers back out, Sonnemaker reported, "effectively bribing drivers to get back on the platform."Ī house's real estate for sale sign shows the home as being "Under Contract" in Washington, DC, November 19, 2020. In fact, Insider's Tom Dotan reported, more than half of Uber and Lyft drivers have stopped, well, driving.
Chief among them were pandemic safety concerns and holding out for better offers. Even so, current and former drivers outlined some of their concerns with returning to Insider's Tyler Sonnemaker. The company even said drivers in some cities were making over $40 an hour. In March, Uber saw its highest-ever number of bookings. Now demand is surging, according to the Journal, and if everything continues as is, that gap could deepen.ĭemand is surging for rideshares, too, but the drivers are not matching it. In September, Insider's Rachel Premack reported that pay for truck drivers was on the rise, coming in at "record-smashing levels." But the pay hike - and increased demand - comes after an exodus of drivers in 2019 Premack reported at the time on what some called a "trucking bloodbath," as trucking companies saw profits fall, with some even going bankrupt. He gets fewer than four hauls a week, compared with at least 12 in normal times. It's not all bad news for used-car lovers, though: As USA Today reports, the trade-in market is hot, too, meaning your old car could be worth more right now.Ī contract port truck driver, Giraldo has seen work dry up as imports slow during the coronavirus outbreak. That's leading to far more demand - but rental-car companies had sold off parts of their fleets early into the pandemic, leaving fewer cars to go around. Americans are itching to go on vacation this summer, as more people are vaccinated and some restrictions loosen. If you're looking to rent, you might also be out of luck: Insider's Brittany Chang reported on the "perfect storm" hitting rental cars right now, with prices surging and demand increasing. As USA Today reported, used-car prices are on the rise as the aforementioned chip shortages affect new-car production, and buyers have turned to older ones instead, while Axios reported the average price of a used car has hit $17,609.Ī UBS note estimated that in April, used cars saw their largest monthly price increase in 68 years of tracking, with prices rising between 8.2% and 9.3%. Even Apple - a company that many thought would be able to dodge the shortage after it started making its own high-powered computer chips last year - said it will delay production on its iMac and iPad.īuyers are still looking for vehicles, creating a competitive used-car market. Last week, Tesla CEO Elon Musk said the semiconductor shortage has caused "insane difficulties" for the electric carmaker. Since then, many carmakers have been forced to shut down plants and prioritize which models they produce, while car prices at dealerships have continued to go up. As Insider's Katie Canales reported, demand for chips has gone up as consumers scrambled to buy cars and other technologies that use them.īut as more cars went into production, chip competition went up. In January, the consulting firm Alix Partners estimated the automotive industry would lose $61 billion in revenue from the shortage this year. The semiconductor shortage has hit automakers the hardest.
The chip shortage is a problem for consumers wanting basically anything with a computerized component, which is much of the economy. Chipmakers like Intel had already seen production issues pre-pandemic, but as with many industries, COVID-19 brought a variety of new supply-chain issues.
President Joe Biden holds a semiconductor chip at the White House in Washington, U.S., February 24, 2021.Īn ongoing computer-chip shortage has affected cars, iPads, and dog-washing technology alike. Account icon An icon in the shape of a person's head and shoulders.
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