Hardware Retailing The Industry's Source for Insights and Information
The labor market for construction sector jobs remained lower than last year at the end of 2024, following a slow period associated with declines in some areas of the residential construction industry, according to the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS).
Overall, the number of open jobs decreased from 8.16 million in November to 7.6 million in December, reflecting a softened aggregate labor market.
The National Association of Home Builders previously reported that the number of open jobs had to fall below 8 million for the Federal Reserve to feel more comfortable about labor market conditions and their impact on inflation.
The number of open construction sector jobs were reported at 217,000 in December, down from 272,000 in November, marking a reduction of open construction jobs due to slow construction activity because of high interest rates.
The rate of construction job openings decreased to 2.5% in December, the lowest open rate for the construction sector since 2017. The layoff rate and quits rate also remained low.
