US Construction Job Openings, Construction Spending: Sept 2019

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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.

US Construction Employment: Sept 2019
NAHB Eye on Housing

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.

US Construction Spending: Oct 2019

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.

US Private Residential Construction Spending: Oct 2019