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
Oct 20, 2025
USPS Clarifies Cluster Mailbox GuidanceFor more than 10 years, confusion over U.S. Postal Service (USPS) requirements for cluster mailbox units (CBUs) in new housing development has challenged builders nationwide. This issue recently resurfaced in the Greensboro, N.C., as developers in the area faced a lack of communication and arbitrary rules from local USPS representatives.
Oct 17, 2025
Put Your Guard Up: Guardrails Protect EveryoneGuardrail Safety Week is Oct. 20-24, and each year, NAHB partners with Builders Mutual, an insurance company focused on construction companies, in their Put Your Guard Up campaign to highlight the importance of installing guardrails on openings during construction.
Latest Economic News
Oct 20, 2025
Non-Conventional Financing for New Home Sales Loses Ground in 2024Nationwide, the share of non-conventional financing for new home sales accounted for 31% of the market per NAHB analysis of the 2024 Census Bureau Survey of Construction (SOC) data. This is 1.7 percentage point lower than the 2023 share of 32.4%. As in previous years, conventional financing dominated the market at 69.3% of sales, higher than the 2023 share of 67.6%.
Oct 17, 2025
Better Growth, Larger Deficits: CBO Fiscal OutlookThe Congressional Budget Office (CBO) is a key nonpartisan score keeper that measures the effects of policy changes by the Federal Government. With several policy changes since January of this year, including the One Big Beautiful Bill Act (OBBBA), stricter immigration, and higher tariffs, the CBO updated its economic projections through 2028.
Oct 16, 2025
Amid Market Challenges, Builder Expectations Rise in OctoberEven as builders continue to grapple with market and macroeconomic uncertainty, sentiment levels posted a solid gain in October as future sales expectations surpassed the 50-point breakeven mark for the first time since last January.