March Construction Job Openings Fell to Lowest Since Fall 2020

Charlotte, NC, May 6, 2024-"The number of open construction jobs in the U.S. fell significantly in March to what was the lowest reading since Fall of 2020,” reports Truist.

“The layoff rate in the construction sector fell to 1.8%, from 3.6% in the prior year period, but the hiring rate decreased to 4.1% from 5.2%. While there are likely several contributing factors to this, it indicates overall a weaker construction market. Namely, we believe private non-residential is driving some of this decline. While non-residential construction remains robust for some areas such as manufacturing, light non-residential construction (office, shopping centers, etc.) is weak. Additionally, this is likely reflective of a very weak multi-family market. Multi-family starts and permits have consistently seen substantial declines for several quarters now, and we believe it is heading into a prolonged downturn as new supply since the pandemic has notably outpaced incremental demand.