Construction layoffs are at their highest level since the start of the pandemic, and that drop in the share of open positions is predominantly driven by weakness in the single-family home building sector, according to Construction Dive.
The number of open jobs in construction dropped by 73,000 to 341,000 in March, a 17% year-over-year decline and the second lowest share recorded since mid-2021. With interest rates still elevated, home builders are slowing their pace of hiring, meaning more layoffs could lie ahead over the next several months.
The data indicates “a significant decline in open positions in the construction industry,” said Anirban Basu, ABC’s chief economist. “The 3.7% of construction workers who were laid off or discharged in March is the highest rate since the early months of the COVID-19 pandemic.”
Related Stories
Education + Training
Harvard Summer Fellows Tackle Housing-Related Issues
A group of 13 students from the Harvard Graduate School of Design and the Harvard Kennedy School are working to resolve a host of housing issues this summer
NAHB
Tune Into Livestreams of NAHB's Spring Leadership Meetings This Week
Livestream links are available for those unable to attend the National Association of Home Builders' 2023 Spring Leadership Meetings in Washington, D.C., this week
Labor + Trade Relations
The Construction Workforce Is Aging Faster Than the National Labor Force
The median age of construction workers varies by state, but nationally, construction workers are one year older, on average, than the typical U.S. worker in other labor sectors
