According to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS), the number of open, unfilled positions in the construction industry remained virtually steady in October.
The current level of open jobs is significantly lower than two years ago due to decreases in building activity, particularly in housing.
The number of open jobs in the broader economy remained essentially steady, rising from 7.66 million in September to 7.67 million in October.
The October reading remained essentially constant from the 7.62 million projection made a year ago.
Previous NAHB study indicated that this figure needs to fall below 8 million on a consistent basis for the Federal Reserve to proceed with interest rate cuts.
With national job opportunities expected to fall below 8 million, the Fed should be able to slash even further.
The total number of open construction sector jobs fell from 231,000 in September to 213,000 in October.
This figure is somewhat consistent compared to a year ago (249,000), although it is significantly lower than two years ago.
The graphic below shows the falling trend of unfilled construction positions since the Fed raised the federal funds rate and home development slowed.
In October, the construction job openings rate fell to 2.5%, down from the 2.9% rate projected a year earlier.
The construction layoff rate fell to 1.8% in October. In October, the quit rate edged down to 1.4%.
[Read more about this topic on Eyeonhousing.org]