Construction Job Openings Approach 400,000

Workforce Development
Published

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.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Legal | Land Development

Apr 12, 2024

Supreme Court Rules that Legislation Does Not Protect Improper Impact Fees

Following a unanimous decision handed down by the U.S. Supreme Court today, California home owners, builders and developers may now challenge improper local impact fees for housing development even if the fees are authorized by legislation.

Membership

Apr 12, 2024

Statement of NAHB 2025 Third Vice Chairman Candidate Gary Campbell

The NAHB Nominations Committee has certified one candidate for 2025 Third Vice Chairman: Gary Campbell, from Lowell, Mass., who is a member of the Northeast Builders & Remodelers Association of Massachusetts. He will address the NAHB Leadership Council in June at the Spring Leadership Meetings in Washington, D.C. Here is his statement.

Leadership Meetings | Membership

Apr 12, 2024

View a Livestream of the Spring Board of Directors Virtual Meeting

The Board of Directors will convene virtually on Tuesday, April 16, at 10 a.m. ET. A livestream of the meeting is available on nahb.org for NAHB members and HBA executive officers.

View all

Latest Economic News

Economics

Apr 15, 2024

Builder Sentiment Unchanged in April

Builder sentiment was flat in April as mortgage rates remained close to 7% over the past month and the latest inflation data failed to show improvement during the first quarter of 2024.

Economics

Apr 12, 2024

Single-Family Permits Performing Well in February 2024

Over the first two months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 155,236. On a year-over-year (YoY) basis, this is an increase of 38.4% over the February 2023 level of 112,131.

Economics

Apr 11, 2024

Building Material Prices Continue to Rise in March

Inputs to residential construction, goods less food and energy, increased for the fifth straight month, according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics.

Economics

Apr 11, 2024

Remodeling Market Sentiment Remains in Positive Territory in First Quarter

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2024 posted a reading of 66, down one point compared to the previous quarter.