Open Construction Jobs Rise in July

The count of open, unfilled positions in the construction industry increased in July, per the June Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) as the national labor market cooled.

The number of open jobs for the overall economy decreased from 7.36 million in June to 7.18 million in July. The July reading was notably lower than the 7.5 million estimate from a year ago and reflects an overall cooling of the U.S employment market.

Running counter to the national trend, the number of open construction sector jobs increased from a revised 242,000 in June to 306,000 in July, also up significantly from a year ago (229,000).

The construction job openings rate increased to 3.5% in July, higher than the 2.7% estimated a year ago.

The layoff rate in construction increased to 2.8% in July, the highest rate since March 2023. The quits rate declined to 0.9% in July, the lowest recorded for the construction sector since data collection began in 2000.

The construction market appears to have experienced considerable churn in July, with job openings rising, quits very low, and layoffs increasing. Future data will allow for identifying trends.

NAHB Chief Economist Dr. Robert Dietz provides more insights, including any impact this data may have on future activity by the Federal Reserve, in this Eye on Housing post.