Construction Industry Reports Strong Year-Over-Year Gains for Job Openings
Hiring for construction jobs remained strong throughout December, but slowed at a 4.3% growth rate following a peak of 10.3% in May 2020, NAHB’s Eye on Housing reports. Construction sector layoffs fell to a rate of 1.7% in December and trended lower in 2021 due to a national skilled labor shortage.
The number of total job quits reached 4.3 million in December amid the Great Resignation, but the number of quits within the construction industry declined to 181,000 for the month of December compared to 225,000 in November. Hiring skilled labor will remain a top priority for construction firms as the labor market strengthens and the unemployment rate drops at the start of 2022.
The count of open construction jobs declined for the month to 337,000 unfilled positions in December. The highest measure in the history of the data series (going back to late 2000) was 445,000 in October 2021. The housing market remains underbuilt and requires additional labor, lots and lumber and building materials to add inventory.
Hiring in the construction sector remained solid in December, albeit easing to a 4.3% 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. It has trended higher since the Fall of 2020 as the broader labor market has improved and construction hiring has increased.