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
Mar 31, 2023
HBA Hosts Career Fair Matching Members with TalentThe HBA of Bucks & Montgomery Counties teamed up with a local career and technical education school to host a career fair for more than 200 students.
Mar 30, 2023
House Passes Bill to Repeal Onerous Energy Codes Grant ProgramThe House has passed NAHB-supported legislation that provides pragmatic energy and climate solutions while preserving housing affordability and home owner energy choice.
Mar 30, 2023
Statement from NAHB Chairman Alicia Huey on House Passage of H.R. 1NAHB Chairman Alicia Huey issued a statement after the House passed the Lower Energy Costs Act (H.R. 1).
Latest Economic News
Mar 31, 2023
2022 State-Level GDP DataReal gross domestic product (GDP) increased in all 42 states and the District of Columbia in 2022 according to the U.S. Bureau of Economic Analysis (BEA). Six states recorded declines while Maryland and New Hampshire reported no change.
Mar 30, 2023
Distribution of 1-4 Unit Residential Construction Loans Among Banks by Asset SizeAccording to NAHB analysis of Federal Deposit Insurance Corporation (FDIC) data, large banks (assets greater than $10 billion) have increased their share of the residential construction loan market above pre-Great Recession levels in recent years.
Mar 29, 2023
Property Tax Revenues See Largest Increase Since 2009NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $286 billion in taxes were paid by property owners in the fourth quarter of 2022 (not seasonally adjusted).
Mar 28, 2023
Employment Situation in February: State-Level AnalysisNonfarm payroll employment increased in 44 states and the District of Columbia in February compared to the previous month, while five states lost jobs. Oklahoma remained unchanged.