Construction Job Openings Rise as Total Economy Count Falls
Because of tightened monetary policy, the count of total job openings for the economy continues to move slower. This is consistent with a cooling economy that is a positive sign for future inflation readings.
In November, the number of open jobs for the economy declined to 8.8 million. This is notably lower than the 10.8 million reported a year ago. NAHB estimates indicate that this number must fall back below 8 million for the Federal Reserve to feel more comfortable about labor market conditions and their potential impacts on inflation.
While the Fed intends for higher interest rates to have an impact on the demand-side of the economy, the ultimate solution for the labor shortage will not be found by slowing worker demand, but by recruiting, training and retaining skilled workers. This is where the risk of a monetary policy mistake can arise. Good news for the labor market does not automatically imply bad news for inflation.
The construction labor market moved in the opposite direction of the overall economy, with the number of open construction jobs rising. The count of open construction jobs increased to 459,000 in November. The rise indicates an ongoing skilled labor shortage for the construction sector. See state-by-state analysis of employment for November 2023.
Attracting skilled labor will remain a key objective for construction firms in the coming years. While a slowing housing market will take some pressure off tight labor markets, the long-term labor challenge will persist beyond the ongoing macro slowdown.
Chief Economist Robert Dietz provides more details in this Eye on Housing post.
Latest from NAHBNow
Membership
Oct 30, 2026
Chairman's Update: Apply Now to Serve on a Council or Committee
In his latest update, NAHB Chairman Bill Owens highlights the value of serving on a committee or council, and how members can apply.
Workforce Development
Oct 30, 2026
Four Ways HBAs Can Support Skilled Trades Education
Across the country, the Home Builders Institute works alongside home builders associations and their foundations to bring skilled trades education to more students and connect that education to opportunities in their communities.
Latest Economic News
Economics
Oct 30, 2026
Housing’s Share of the Economy Falls Again as It Continues to Face Headwinds
Housing’s share of the economy was 15.7% in the third quarter of 2026, according to the latest estimates of GDP produced by the Bureau of Economic Analysis. This share is down from 15.8% in the second quarter and down from 16.0% a year ago. Residential construction, measured by residential fixed investment, fell for the sixth time over the past eight quarters.
Economics
Oct 29, 2026
PCE Inflation Accelerated in September
The Federal Reserve’s preferred inflation gauge accelerated in September after holding at 3.0% for three consecutive months, complicating the Fed’s path to its 2% target. Consumer spending continued to be pushed up by elevated energy prices rather than income growth, driving the personal saving rate to the lowest level in nearly four years.
Economics
Oct 29, 2026
U.S. Economy Accelerated in the Third Quarter of 2026
The U.S. economy grew at a faster pace in the third quarter of 2026, supported by stronger consumer spending, robust business investment, and increased government spending. However, residential investment remained a weak spot, highlighting the continued challenges facing the housing sector amid elevated borrowing costs.