According to July data, the number of open, unfilled construction positions remained stable. Open construction positions grew to 375,000 in July from 353,000 in June, above the year-ago expectation (337,000).
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The rate of construction job opportunities increased slightly in July, rising to 4.6% from 4.4% in June. The highest rate in the data series was 5.5% in April.
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The housing market remains under built, necessitating the addition of workers, land, lumber, and building materials. However, the market is slowing as interest rates rise.
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Nonetheless, hiring in the construction industry climbed by 5% in July.
The post-virus peak rate of hiring (10.4%) occurred in May 2020, when a resurgence in home building and remodeling took hold.
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Despite a downturn in building activity, construction sector layoffs remained low in July, at 1.9%. The layoff rate in April 2020 was 10.8%. Except for February 2021, the sector layoff rate has been below 3% since that time due to weather conditions.
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