Data released Monday from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings in the US increased in September 2019 on a year-over-year basis.
The estimated number of job openings declined from the August total to 338,000 in September, after reaching a post-Great Recession high of 434,000 in April.
The September 2019 count of unfilled jobs represents a year-over-year gain relative to the 299,000 estimated unfilled construction jobs in September 2018.
The US construction job open position rate dipped to 4.3% in September 2019, after reaching a cycle high of 5.5% in April.
Elsewhere, the US Census Bureau reported November 1 that overall construction spending during September 2019 was estimated at a seasonally adjusted annual rate of US$1,293.6 billion, +0.5% above the revised August estimate of US$1,287.1 billion.
The September figure is -2% below the September 2018 estimate of $1,319.7 billion.
Multifamily construction spending dipped 0.7% in September, but was 0.9% higher since a year ago. Spending on home improvements in September was not significantly different from the August estimates.
Single family construction spending in the US jumped to a US$274.6 billion annual pace in September 2019, up +1.3% over the August estimates. It was the highest monthly annual rate since December 2018.
NAHB analysis of US Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of US$511.4 billion in September, the highest level since December 2018. It inched up +0.6% in September, after increasing +0.8% in August and +1% in July.
Private residential construction spending rebounded in 3Q after decreasing for the first six months of this year, as mortgage interest rates declined. Spending on private construction was at a seasonally adjusted annual rate of US$961.7 billion, +0.2% above the revised August estimate of US$959.9 billion.
In September, the estimated seasonally adjusted annual rate of public construction spending was US$331.9 billion, +1.5% above the revised August estimate of US$327.2 billion.
Private residential construction spending in the US had been increasing – but turned down in the 2nd half of 2018 – and is now 25% below the bubble peak.
Non-residential spending is 9% above the previous peak in January 2008.
