Page 22 - BB_Jun_2018

Count of Unfilled

Construction Jobs

Near Cycle High

The count of unfilled jobs in the construction challenge for builders.
sector increased in March and approached the The construction sector hiring rate, as measured
post-Great Recession high level. on a twelve-month moving average basis, ticked
According to the BLS Job Openings and Labor down to 5.1% in March. The twelve-month moving
Turnover Survey (JOLTS) and NAHB analysis, average for layoffs is falling again, held at 2.6%.
the number of open construction sector jobs NAHB expects construction sector net hiring to
increased to 248,000 in March. The post-recession continue in 2018 as the single-family construction
high count of open, unfilled construction jobs was market expands. However, as labor remains a
255,000 in July of last year. The number of open top cited challenge to expansion, builders will
construction sector jobs was 179,000 a year ago. increasingly explore options to find ways to build
The open position rate (job openings as a more with less.
percentage of total employment plus current job NAHB MAY 2018
openings) for March increased
to 3.4%. On a smoothed,
twelve-month moving average
basis, the open position rate
for the construction sector
remained at 2.9%, 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
November 2016.
The overall trend for open
construction jobs has been
increasing since the end of
the Great Recession. This is
consistent with survey data
indicating that access to
labor remains a top business

22 JUNE 2018 | GREATER SAN ANTONIO BUILDERS ASSOCIATION