US Residential Construction Job Openings Rise in February, but Remain Well Below Year-Ago Levels

A closer look the latest Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS), with analysis by the National Association of Home Builders (NAHB), reveals that the number of open construction sector jobs increased from a revised 242,000 in January to 264,000 in February.

However, the number of construction sector openings was down significantly from 429,000 a year earlier. NAHB said the reduced number of open positions is due to a slowing of construction activity because of ongoing elevated interest rates.

The construction job openings rate edged higher to 3.1% in February (but down from 5% a year ago). The layoff rate in construction stayed low at 1.8%, and the quits rate was flat at 2%.