Job Gains Accelerate in July
Total payroll employment rose by 943,000, and the unemployment rate dropped sharply to 5.4% in July. Both residential and nonresidential construction showed modest job gains of 8,300 and 2,900, respectively, climbing to a total employment of 7.4 million.
NAHB Chief Economist Robert Dietz discusses the jobs report on Twitter:
Currently, residential construction employment exceeds its level in February 2020 and now stands at 3 million, comprising 883,000 builders and 2.2 million residential specialty trade contractors. However, only 56% of nonresidential construction jobs lost in March and April have been recovered.
In July, the unemployment rate for construction declined to 7.3% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.1% in April 2020 as a result of the COVID-19 pandemic.
The nation’s overall unemployment rate declined by 0.5% to 5.4% in July — down 9.4% from the April 2020 rate (14.8%), and 1.9% higher than the unemployment rate in February 2020.
Jing Fu, NAHB director of forecasting and analysis, provides more details — including a breakdown of employment by industry — in this Eye on Housing blog post.
Latest from NAHBNow
Environmental Issues
May 30, 2025
NAHB Members Provide Final Recommendations for New WOTUS RuleNAHB members concluded their participation in multiple “waters of the United States” (WOTUS) listening sessions with strong showings in Washington, D.C., and Salt Lake City. In total, 12 NAHB members and four staff members from NAHB and state home builder associations (HBAs), representing 11 states, provided oral statements at listening sessions.
Workforce Development
May 30, 2025
Statement from NAHB Chairman Buddy Hughes on DOL Decision to Pause Job Corps Center OperationsNAHB Chairman Buddy Hughes issued the following statement after the Department of Labor announced it was pausing Job Corps center operations nationwide.
Latest Economic News
Economics
May 30, 2025
Multifamily Absorption Moves Lower for New ApartmentsThe percentage of new apartment units that were absorbed within three months after completion continued to trend lower, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA).
Economics
May 29, 2025
Treasury Yield Increase Drives Mortgage Rates Higher in MayMortgage rates continued their upward trend in May due to market volatility triggered by fiscal concerns and weaker U.S. Treasury demand. According to Freddie Mac, the average 30-year fixed-rate mortgage rose to 6.82% — a 9-basis-point (bps) increase from April. The 15-year fixed-rate mortgage increased by 5 bps to 5.95%.
Economics
May 28, 2025
Aging-in-Place Remodeling Work Fell While Familiarity and Receptiveness Remain HighOnly 56% of professional remodelers undertake projects designed to allow homeowners to Age-in-Place (AIP), according to results from NAHB’s Q1 2025 Remodeling Market Index (RMI) survey.