Open Construction Jobs Drop Year-Over-Year, Housing Leads Decline

NAHB’s Eye on Housing breaks down the February JOLTS data from the labor side, noting that construction job openings are down measurably from three years ago and attributes the drop largely to reduced activity in housing. The piece gives sector-level context that the top-line hiring numbers alone don’t show, and it’s worth reading alongside the ENR construction economics data to get a full picture of where the market is heading.

The housing pullback is real, but don’t let the headline number mislead you on commercial and institutional. The subs who built their books on residential over the last four years are now looking at a thinner pipeline and hunting for commercial work they haven’t bid in a while. That creates two problems: their commercial estimating is rusty, and their pricing on first pursuit back is either too tight or padded with uncertainty they can’t explain. When an unfamiliar sub comes in 12% under your next bidder on a mechanical or framing scope, that’s worth a phone call before you use the number. A soft housing market pushes new competition into your lane, and it doesn’t always price accurately on the first attempt.

Read the full story at NAHB Eye on Housing.

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