The construction labor market remains tight, with the count of open construction jobs standing at 345,000 unfilled positions in November. The November level of unfilled positions is a decline from the record-high count of 445,000 unfilled positions in October, according to the NAHB.
Hiring in the construction sector remained solid in November, rising to a 5.6% growth rate. The post-virus peak rate of hiring occurred in May 2020 (10.3%) as a rebound took hold in home building and remodeling. Hiring slowed in early 2021, with the exception of a weather-related rebound in March 2021. While hiring has been impeded due to a lack of workers, jobs gains have increased during the second half of 2021.
The job openings rate in construction edged down to 4.4% in November, with 345,000 open positions in the sector. This is significantly higher than the 261,000 count recorded a year ago.
Looking forward, the construction job openings rate is likely to see increased upward pressure as both the residential and nonresidential construction sectors trend higher. 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.Read More