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Labor Shortages Ease, But Remain Worse Than in the Last Boom

With home building volumes lower, labor shortages have eased considerably since record levels set in 2021 but remain relatively widespread in a historic context, according to results from the latest NAHB/Well Fargo Housing Market Index (HMI) survey. The February 2024 HMI survey asked builders about shortages in 16 specific trades. The percentage of builders reporting…

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Residential Building Wages Continue to Increase

The year-over-year (YOY) growth rate for residential building worker wages decelerated to 0.6% in June 2023. Over the past five months, wage growth accelerated moderately and reached 4.0% in November. Overall, average hourly earnings for residential building workers* increased at a relatively slower pace in the past year, compared to the peak rate of 8%…

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Count of Open Construction Jobs Increases

Financial conditions continue to be tight, as the 10-year Treasury rate stands near 4.8% this morning. Among the factors leading to higher rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current GDP growth data for the third quarter) is an ongoing, elevated count of open jobs for the overall…

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Growing Job Openings Leading to Higher Interest Rates

Financial conditions continue to tighten, as the 10-year Treasury rate increased to above 4.75%. Among the factors leading to higher rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current GDP growth forecasts) was a surprise jump in August for the total number of open, unfilled jobs. In August, the…

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