Construction Job Openings Approach 400,000
The construction labor market remains tight, approaching an all-time high, as the industry sees a rising number of job openings year-over-year.
The count of open construction jobs increased slightly to 396,000 unfilled positions in March from a 383,000 rate in February. This is significantly higher than the 336,000 count recorded a year ago. The job openings rate in construction remained elevated at 4.9% in March.
The highest measure in the history of the data series (going back to late 2000) was 416,000 open jobs in April 2019. The housing market remains underbuilt and requires additional labor, lots and lumber and building materials to add inventory.
Looking forward, the construction job openings rate is likely to see increased upward pressure as both the residential and nonresidential construction sectors expand. Attracting skilled labor will remain a key objective for construction firms in the coming quarters and will become more challenging as the labor market strengthens and the unemployment rate declines.
NAHB Chief Economist Robert Dietz provides more analysis in this Eye on Housing blog post.
Latest from NAHBNow
Workforce Development
Apr 24, 2024
High-Energy Competition Fosters New Trades TalentSkillsUSA state championships prove students are interested and excited about the trades.
Legal | Membership
Apr 23, 2024
NAHB to Host Shop Talk on NAR LawsuitsThe class-action lawsuits filed against the National Association of Realtors (NAR) and other large real estate companies nationwide have been the subject of national media coverage for the past several months. NAHB will host a Shop Talk on Tuesday, April 30, at 3 p.m. ET to discuss the proposed settlement.
Housing Finance
Apr 23, 2024
HUD Releases New Federal Flood Risk Management StandardThe Department of Housing and Urban Development (HUD) has published a final rule in the Federal Register that revises HUD’s regulations governing floodplain management and the protection of wetlands to implement the Federal Flood Risk Management Standard (FFRMS). The regulation is effective May 23, 2024.
Latest Economic News
Economics
Apr 24, 2024
All-Cash Sales Dropped to Lowest in 3 YearsNAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the share of new home sales backed by VA loans climbed substantially in the first quarter of 2024, while all-cash sales share fell by nearly 30%. However, the median purchase price of homes bought with cash continued to increase in the first quarter of 2024.
Economics
Apr 23, 2024
Despite Higher Mortgage Rates, New Home Sales Post Solid Gain in MarchDespite higher interest rates last month, new home sales rose in March due to limited inventory of existing homes. However, the pace of new home sales will be under pressure in April as mortgage rates moved above 7% this month, which is expected to moderate sales and increase the use of builder sales incentives this Spring.
Economics
Apr 23, 2024
Census Analysis Shows Undercount of Youngest Population in 2020Based on new demographic analysis of 2020 Census population counts, the Census Bureau estimates that children between the ages of 0 to 4 were undercounted by over one million. This age range is historically undercounted in the population surveys but with the addition of conducting the decennial census in the midst of a pandemic, the cohort of the youngest children were undercounted at the highest level since 1970.
Economics
Apr 22, 2024
Green Building: Resiliency PracticesGreen homes go beyond lessening their environmental impact; they also actively mitigate the effects of the environment upon them.