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About 3.7% of the U.S. construction workforce was laid off in March, the highest percent since the early months of the pandemic, according to an Associated Builders and Contractors analysis of federal government data.
Also, job openings in the industry, totaling 341,000 positions in March, were down to their lowest level since mid-2021, the organization reported. Openings were down by 63,000 compared with February 2023, and are down by 72,000 compared with March 2022.
“Weakness in the single-family homebuilding sector likely accounts for much of the decrease in job openings,” ABC Chief Economist Anirban Basu said in a statement.
Housing starts in March 2023 reached 1.4 million, a 17% decrease from last March, when construction began on 1.7 million homes, according to the U.S. Census Bureau. Similarly, single-family permits dropped year-over-year in March to 1.4 million.
This week's interest rate hike is expected to continue applying downward pressure on the housing market, and therefore, construction jobs, Basu said.
While total construction spending edged up in March compared with February, rising 0.3%, residential construction spending was down 0.2% month-over-month, according to the Census Bureau.
In Friday's jobs report, the Bureau of Labor Statistics reported employment was little changed month-over-month in the construction industry.
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