After a record number of 445,000 open construction jobs in October 2021, unfilled positions dropped to 345,000 in November, a 5.6% hiring growth rate for a sector in need of additional labor to combat low nationwide housing inventory. As the Great Resignation continues, however, a large share of construction workers are quitting their jobs, though few are being laid off, according to the NAHB’s Eye on Housing. With a stronger job market and declining unemployment rates ahead, attracting skilled labor will remain a top priority for construction firms in the coming months.
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.
Construction sector layoffs ticked up in November to a 2.4% rate. In April 2020, the layoff rate was 10.9%. Since that time however, the sector layoff rate has been below 3%, with the exception of February 2021 due to weather effects. The rate has trended lower in 2021 due to the skilled labor shortage.