2.2 Million Construction Workers Needed to Keep Up with Housing Demand

The National Association of Home Builders (NAHB) reported that the labor market continues to tighten, especially for the construction industry. According to NAHB, the count of open construction jobs in October increased to 410,000 unfilled positions, the highest measure in the 21-year history of the data series. NAHB chief economist Rob Dietz said, “The housing market remains underbuilt and requires additional labor, lots and lumber and building materials to add inventory.” 

Data analyzed by NAHB shows the job openings rate in construction surged to 5.4% in October, with 410,000 open positions in the sector. This is significantly higher than the 253,000 count recorded a year ago.