Number of Open US Construction Sector Jobs Unexpectedly Declines in March

A closer look at the US Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS) for March, with a focus on residential construction employment and additional analysis provided by the National Association of Home Builders (NAHB), reveals that construction sector employment is cooling in step with other sectors of the US job market.

According to the NAHB analysis, the number of open construction sector jobs posted an unexpected decline in March, falling from 456,000 in February to 274,000 in March. A year ago, during a period of weaker home construction, the count was 291,000.

The NAHB suggests the lower number could reflect the ongoing weakness for apartment construction or that it is possible that the number will be revised higher in the next report. Nevertheless, the construction job openings rate declined to 3.2% in March, its lowest reading since the fall of 2020.

The construction sector layoff rate declined to 1.8% in March. Last year at this time the layoff rate was at 3.6%. Meanwhile, the hiring rate decreased to 4.1%, compared to 5.2% a year ago.