Open construction job rate still higher than last year
Although construction jobs might have fallen in February, they are higher on a year-over-year basis, according to the National Association of Home Builders and data from the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOTLS).
Total open construction jobs measured at 286,000 in February compared to 198,000 in February 2018, the NAHB reported.
And while the open position rate – job openings as a percentage of total employment plus current job openings – declined to 3.7% in February from 4% in January, it stands higher than a rate of 2.7% a year ago.
On a smoothed, 12-month moving average basis, the open position rate for the construction sector increased to 3.8%, a post-recession high. The peak (smoothed) rate during the building boom prior to the recession was just below 2.7%. For the current cycle, the sector has been above that rate since October 2016.
More modest growth rates for housing construction for 2019 and 2020 are likely to place downward pressure on construction job openings in future data releases. The NAHB also said that 2019 could be the year in which the job openings rate for construction levels off.
Total open construction jobs measured at 286,000 in February compared to 198,000 in February 2018, the NAHB reported.
And while the open position rate – job openings as a percentage of total employment plus current job openings – declined to 3.7% in February from 4% in January, it stands higher than a rate of 2.7% a year ago.
On a smoothed, 12-month moving average basis, the open position rate for the construction sector increased to 3.8%, a post-recession high. The peak (smoothed) rate during the building boom prior to the recession was just below 2.7%. For the current cycle, the sector has been above that rate since October 2016.
More modest growth rates for housing construction for 2019 and 2020 are likely to place downward pressure on construction job openings in future data releases. The NAHB also said that 2019 could be the year in which the job openings rate for construction levels off.