Unfilled construction jobs on the decline
The number of unfilled jobs in the construction sector is on the decline, partly due to higher interest rates slowing down builder activity at the end of 2018.
The number of open construction jobs fell to 278,000 in November 2018, according to the Bureau of Labor Statics Job Openings and Labor Turnover Survey (JOLTS) and analysis from the National Association of Home Builders.
This marks a 14% downward shift from the October 2018 revised estimate of 323,000 – the highest count of open, unfilled construction sector jobs since the NAHB began reporting the number in December 2000, the NAHB said.
According to NAHB Chief Economist Robert Dietz, while the overall trend for open construction jobs has been increasing since the end of the Great Recession, declines for housing construction activity at the end of 2018 are likely to place downward pressure on construction job openings in future data releases.
The hiring rate for construction, when measured on a 12-month moving average basis, held steady at 5% in November. The 12-month moving average for layoffs declined to 2.2%. The trend for layoffs has been decreasing as the labor market tightens, the NAHB said.
The number of open construction jobs fell to 278,000 in November 2018, according to the Bureau of Labor Statics Job Openings and Labor Turnover Survey (JOLTS) and analysis from the National Association of Home Builders.
This marks a 14% downward shift from the October 2018 revised estimate of 323,000 – the highest count of open, unfilled construction sector jobs since the NAHB began reporting the number in December 2000, the NAHB said.
According to NAHB Chief Economist Robert Dietz, while the overall trend for open construction jobs has been increasing since the end of the Great Recession, declines for housing construction activity at the end of 2018 are likely to place downward pressure on construction job openings in future data releases.
The hiring rate for construction, when measured on a 12-month moving average basis, held steady at 5% in November. The 12-month moving average for layoffs declined to 2.2%. The trend for layoffs has been decreasing as the labor market tightens, the NAHB said.