Construction Hiring Rates Increased in February

Construction job openings dropped in February as hiring advanced, a positive change as hiring skilled labor remains a top concern for the construction industry. Total job openings in construction dropped to 266,000 in February, according to data from the BLS Job Openings and Labor Turnover Survey. And the National Association of Home Builders says March payroll numbers reflect strength ahead for construction job data. February construction hiring rates increased to 5.4%. To compare, the last peak in May 2020 hit a 10.3% hiring rate. But construction layoffs also increased and may be a result of weather in the south, says NAHB.

The job openings rate in construction dipped in February to 3.5%, with 266,000 open positions in the sector. This is lower than the 302,000 count recorded a year ago.

Looking forward, the construction job openings rate is likely to experience choppiness in the months ahead given divergent outlooks within the construction industry. Home building and remodeling were relative bright spots for the overall economy in 2020, while nonresidential construction is experiencing greater headwinds. Nonetheless, attracting skilled labor will remain a key objective for residential and nonresidential construction firms in the coming quarters.

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