Housing affordability is becoming an increasingly important workforce consideration for construction employers, particularly in markets where workers face rising rental costs. Sundt Construction is committing $1 million to a Greater Phoenix investment fund intended to help finance workforce housing developments.
Sundt's investment will support the Pfister Housing Impact Fund, a business-led financing initiative focused on workforce housing in Greater Phoenix.
The fund is designed to address financing gaps that can prevent viable workforce housing developments from moving forward. The initiative targets housing affordability challenges affecting workers such as tradespeople, teachers and hospitality employees.
Renter costs in Arizona have increased 23%, according to the information provided by Sundt, creating additional pressure for workers seeking housing near their workplaces.
The fund is structured through Greater Phoenix Leadership and RDF and includes participation from businesses, philanthropic organizations and industrial development authorities.
Sundt has also invested in construction workforce development through seven apprenticeship programs using NCCER curriculum. Two of the programs are available in both English and Spanish.
The contractor works with regional schools, community colleges and industry organizations to provide training opportunities for employees and students pursuing skilled-trades careers.
Sundt previously received funding through the BuildIt AZ grant program, which supported the purchase of a mobile training center. The facility brings hands-on construction training to schools, nonprofit organizations and other community events.
For construction owners and contractors, workforce housing can affect employees' ability to live near the communities where projects are being built. Sundt's investment combines housing financing with its existing workforce-development activities, addressing both access to skilled careers and housing availability.
The Greater Phoenix initiative also demonstrates how private-sector investment can be directed toward financing gaps in workforce housing developments, an issue with direct relevance to construction labor markets.
Source: Sundt.
