To meet current new home construction demand, the industry requires more lumber and labor. The number of open construction jobs increased in April to 357,000 total, reports the National Association of Home Builders. Pace of hiring in April decreased as open positions increased, a trend that continues since hiring hit a peak in May 2020. The number of open positions last year was 220,000 and is now the highest number since May 2019.
Looking forward, the construction job openings rate is likely to experience choppiness in the months ahead given divergent outlooks within the construction industry. Nonetheless, attracting skilled labor will remain a key objective for residential and nonresidential construction firms in the coming quarters and will become more challenging as the rest of the economy reopens.