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Homes with base prices above $400,000 now represent 68 percent of the market, and homes priced above $500,000 represent 27 percent, according to Metrostudy, a housing analytics company. Both all-time highs are being fueled by steady demand from move-up buyers coupled with the rising costs of land, labor and materials. Thousands of construction workers left the industry during the recession, many of them heading to the energy sector. The assumption was that they would return when energy lagged and homebuilding recovered. They did not. The labor shortage in building actually worsened in 2016 a surprise to most analysts. "We thought we'd see a flow back of workers from the energy sector," said Rob Dietz, chief economist with the National Association of Home Builders. "The labor shortage has basically grown and accelerated. It's the top challenge in the building industry right now." Dietz points to both an immigration and a generational challenge.
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But That's Not Entirely True More aapl to pay taxes to the former, but not the latter for a decade. The tech giant is facing scrutiny for the arrangement that saw its New Zealand unit pay $26 million in taxes to Canberra instead of Wellington since 2007, but Apple has said that it was entirely legal, according to the New Zealand Herald . Green Party of Aotearoa New Zealand co-leader James Shaw told the newspaper it was absolutely extraordinary that Apple was able to get away with paying zero tax in the country. It looks like their tax department is even more innovative than their product designers, he added. In a statement issued from Australia, Apple said they follow the law and pay tax on everything [they] earn and appreciate and respect the role taxes play as necessary and important. For more about Apple, watch Fortunes video: University lecturer and Labour Party candidate Deborah Russell also came to the companys defense, telling the Herald that Apple was operating completely legally and that outcry over the tax arrangement disputed the morality rather than legality of the arrangement. This isnt the first time that the worlds second most valuable brand has faced criticism for its tax policies. In 2014, Apple was slammed for moving much of its international profits offshore to Ireland, where the corporate tax rate is 12.5%. New Zealands Revenue Minister Judith Collins recently announced plans to bolster the countrys tax laws and crackdown on tax avoidance by international corporations.