Open Construction Jobs Remain Steady Through February
Open construction jobs remained at a total of 381,000 unfilled positions in February, while hiring across the construction industry rose to a 5.2% rate, NAHB Eye on Housing reports. Construction sector layoffs remained at a low 2% rate in February, and that trend will likely continue as recruiting and retaining skilled workers becomes a top priority for an industry still recovering from the costly COVID-19 pandemic.
The rate of job openings could increase as the residential and nonresidential sectors expand to accommodate heightened demand post-pandemic.
Hiring in the construction sector increased in February, rising to a 5.2% rate. The post-virus peak rate of hiring occurred in May 2020 (10.4%) as a rebound took hold in home building and remodeling.
Construction sector layoffs remained low at a 2% rate in February. In April 2020, the layoff rate was 10.8%. Since that time however, the sector layoff rate has been below 3%, with the exception of February 2021 due to weather effects. The rate trended lower in 2021 due to the skilled labor shortage and remains low in 2022.