WASHINGTON, DC — The labor market continues to tighten for the housing industry, according to newly released government figures and analysis by the National Association of Home Builders.
The Washington, DC-based NAHB announced this week that the count of open construction jobs rose to 410,000 unfilled positions in October, the highest measure in the 20+-year history of date from the U.S. Bureau of Labor Statistics.
“The housing market remains underbuilt and requires additional labor, lots lumber and building materials to add inventory, the NAHB said.
Looking ahead, the construction job openings rate is likely to see “increased upward pressure as both the residential and nonresidential construction sectors trend higher, the trade association observed.
“Attracting skilled labor will remain a key objective for construction firms in the coming quarters and will become more challenging as the labor market strengthens and the unemployment rate declines,” the NAHB added.
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