Construction Job Openings Decrease in June
Due to slowing home construction and elevated interest rates, the count of open construction sector jobs shifted lower in June, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS). The number of open construction sector jobs shifted notably lower from 366,000 in May to 295,000 in June. The construction job openings rate fell to 3.5% in June, the lowest rate since March 2023.
However, this shift is consistent with a somewhat cooler labor market, which is a positive sign for future inflation readings and the interest rate outlook.
In June, after revisions, the number of open jobs for the overall economy decreased slightly from 8.23 million in May to 8.18 million. This is also smaller than the 9.13 million estimate reported a year ago.
NAHB analysis indicates that this number must fall below 8 million on a sustained basis for the Federal Reserve to feel more comfortable about labor market conditions and their potential impacts on inflation. With estimates near 8 million now, this suggests rate cuts lie in the months ahead if current trends hold.
NAHB Chief Economist Robert Dietz provides more details in this Eye on Housing post.
Latest from NAHBNow
Sep 02, 2025
NAHB International Builders’ Show Registration Opens for Final Time in OrlandoThe National Association of Home Builders (NAHB) officially opened online registration and housing today for the 2026 NAHB International Builders’ Show@reg; (IBS), the largest annual light construction trade show in the world.
Sep 02, 2025
Single-Family Construction Down in Large Metros, Up in Rural AreasIn a sign of a soft housing market, single-family construction posted declines in nearly every geographic region in the second quarter of 2025, with the largest percentage drop of 3.8% occurring in large metro, suburban counties where most permit activity occurs. And while multifamily output also fell in large metro core counties, most other markets posted multifamily growth in the second quarter, according to the latest NAHB Home Building Geography Index (HGBI) for the second quarter of 2025 released today.
Latest Economic News
Aug 29, 2025
Multifamily Absorption Rises in the Second QuarterThe percentage of new apartment units that were absorbed within three months after completion rose in the second quarter, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA).
Aug 28, 2025
Mortgage Rates Move Lower, Hitting 10-Month LowAverage mortgage rates in August continued their steady decline and are now at their lowest rate since last November.
Aug 27, 2025
Wood-Framed Home Share Increased in 2024Wood framing continues to dominate the U.S. single-family home construction market, according to NAHB analysis of 2024 Census Bureau data.