In another post-recession and cycle high, the construction sector's count of unfilled jobs grew again in August to 298,000. This marks a 38.6 percent annual increase, along with an 8.4 percent monthly gain.
When analyzed as a percentage of total current employment plus current job openings, the sector's open position rate grew to 3.2 percent in August 2018, on a smoothed, twelve-month moving average basis. According to the National Association of Home Builders, the data is consistent with survey data from builder members stating that labor is still one of the biggest challenges they face. The hiring rate in the sector ticked down to five percent on an annual average basis.
NAHB expects construction sector net hiring to continue in 2018 as the single-family construction market modestly expands. Anticipated storm repair activity in the mid-Atlantic will also increase demand for residential construction workers, while temporarily reducing demand for new builds due to delays. However, as labor remains a top cited challenge to expansion, builders will increasingly explore options to find ways to build more with less.
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