US Construction Job Openings Flat in May
Stabilizing Construction Job Openings After Shift Lower
A closer look at Tuesday’s Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS), with a focus on construction employment and analysis by the National Association of Home Builders (NAHB), reveals that the number of open construction sector jobs was effectively unchanged at 339,000 in May.
The NAHB notes that in March, the number of open construction sector jobs shifted lower to 346,000 from 456,000 in February. Elements of the construction sector slowed as higher rates for longer held, most notably multifamily development. This slowdown has somewhat reduced demand for construction workers, lowering the job opening count for the construction industry. The open job count was 363,000 a year ago during a period of weaker single-family home construction.
The construction job openings rate increased to 4.0% in May, a somewhat lower reading than in February when it was 5.3%. The job openings rate has trended lower as multifamily and single-family construction has slowed.
The layoff rate in construction edged lower to 1.8% in May. The quits rate ticked up 2.4%.
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