Construction job losses mount
Residential construction employment is likely to rebound in coming months.
Research from the National Association of Home Builders (NAHB) indicates that the construction industry job losses tripled between February and March as a result of the COVID-19 crisis and ensuing recession.
The Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS) shows that 618,000 layoffs occurred in construction in March, compared to 202,000 losses in February and 179,000 in March 2019.
The NAHB said that it expects the numbers will rise even higher in the next BLS report in June, which will contain April data.
But recent mortgage application data indicates that residential construction has already hit the bottom in regard to job losses and is beginning to grow again.
The most recent builder confidence report shows an increase in builder sentiment.
No comments found