Analysis from the National Association of Home Builders (NAHB) shows that the construction labor market remained relatively unchanged through October. This information originates from the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). However, the current level of open jobs is down measurably from two years ago.
This decline aligns with the decrease in residential construction activity. While majorly unchanged the labor market was at 7.67 million in October compared 7.66 million the month prior. There is some notice that Federal Reserve’s decision to reduce interest rate may have affected this.
“The chart below notes the declining trend that has been in place for unfilled construction jobs since the Fed raised the federal funds rate and home building weakened,” said NAHB Chief Economist Robert Dietz. “The construction job openings rate declined to 2.5% in October, lower than the 2.9% rate estimated a year ago.”
