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.
Advertisement
Related Stories
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Construction
Proven Ways to Improve Jobsite Productivity
Consider these solutions for reducing cycle time, hard costs, dry runs, rework, miscommunication, and overall inefficiencies on the jobsite
Labor + Trade Relations
Residential Building Workers See Jump in Wage Growth
Housing industry worker wages have been trending upward over the past eight months, but February saw wages grow the fastest they have in more than two years