Construction Job Market Remaining Stable

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).

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.

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.
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.
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.