Have Construction Job Openings Already Peaked?
The count of open, unfilled jobs for the overall economy declined to 10.46 million in November from 10.51 million open positions the month prior. Job openings are down significantly from 10.92 million last year, revealing a slowdown in the labor market likely due to tighter monetary policy as the Fed works to tame rampant inflation, NAHB Eye on Housing reports.
Open construction jobs decreased month-over-month from 390,000 to 388,000 in November, though that share is well above the 366,000 estimate from a year ago. The total count of unfilled positions is expected to fall throughout 2023, but recruiting, training, and retaining skilled workers remains a top priority for construction firms and all employers in the year ahead.
The construction job openings rate was relatively unchanged this month, holding at 4.8%. The data series high rate of 5.5% was recorded in April 2022. Given the outlook for construction, it now seems clear the count and rate of open, unfilled positions for the construction industry peaked in 2022 and is now trending lower as the housing market slows.