{"id":61972,"date":"2025-03-12T09:59:26","date_gmt":"2025-03-12T14:59:26","guid":{"rendered":"https:\/\/lbmjournal.com\/?p=61972"},"modified":"2025-03-12T09:59:26","modified_gmt":"2025-03-12T14:59:26","slug":"year-over-year-declines-for-construction-job-openings","status":"publish","type":"post","link":"https:\/\/lbmjournal.com\/year-over-year-declines-for-construction-job-openings\/","title":{"rendered":"Year-over-year declines for construction job openings"},"content":{"rendered":"
After a period of slowing associated with declines for some elements of the residential construction industry, the count of open construction sector jobs remained lower than a year ago, per the January Bureau of Labor Statistics\u00a0Job Openings and Labor Turnover Survey (JOLTS)<\/a>.<\/p>\n According to analysis from the National Association of Home Builders<\/a>, the number of open jobs for the overall economy increased from 7.51 million in December to 7.74 million in January. This is notably smaller than the 8.47 million estimate reported a year ago and reflects a softened aggregate labor market. Previous NAHB analysis indicated that this number had to fall below 8 million on a sustained basis for the Federal Reserve to feel more comfortable about labor market conditions and their potential impacts on inflation. With estimates remaining below 8 million for national job openings, the Fed in theory should be able to cut further despite a recent pause<\/a>. However, tariff proposals may keep the Fed on pause in the coming quarters.<\/p>\n The number of open construction sector jobs increased from a revised 205,000 in December to 236,000 in January. This nonetheless marks a significant reduction of open, unfilled construction jobs than that registered a year ago (407,000) due to a slowing of construction activity because of ongoing elevated interest rates.<\/p>\n The construction job openings rate edged higher to 2.8% in January, significantly down year-over-year from 4.8%.<\/p>\n The layoff rate in construction stayed low (1.8%) in January. The quits rate moved higher to 2% in January, near to its rate from a year ago.<\/p>\n According to analysis from the National Association of Home Builders, the number of open jobs for the overall economy increased from 7.51 million in December to 7.74 million in January.<\/p>\n","protected":false},"author":226,"featured_media":30228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-61972","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"acf":[],"yoast_head":"\n<\/figure>\n