Construction Workers Are in Demand
The home building industry is booming in the midst of the low mortgage rates and low home inventory. The latest U.S. Bureau of Labor Statistics‘ Job Opening and Labor Turnover Survey (JOLTS) data shows that there has been a pick up since May in the construction sector hiring.
The data released showed that in May the construction sector hired 679,000 workers and 498,000 in June. In June 2019 there were only 423,000 construction workers hired. The construction hiring rate in May increased by 9.7% and 6.9% in June. May was the strongest rate of hiring that has ever been reported by JOLTS.
The open jobs rate was at 3.3% in June with a total of 245,000 open construction sector jobs. This time a year ago the open jobs rate count was 325,000. The open job rate was reduced by the pace of rehiring plus the weakness in the non-residential sector.
Even though home building and remodeling are on a positive path right now in the economy, nonresidential construction is still feeling the effects of the pandemic.
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