Job Opening and Labor Turnover Survey for February Shows Construction Employment Potential Growth

The Bureau of Labor Statistic (BLS) has reported the results of their Job Opening and Labor Turnover Survey (JOLTS) for February. At best this information has been reduced to analytical value, as the economy has since been significantly impacted by the COVID-19 pandemic. The February JOLTS indicate that construction job openings were stable on a year-over-year basis. The estimated number of job openings increased from 267,000 in January to 279,000 in February. Compared a year ago, job openings were relatively unchanged (277,000 in February 2019). On a 12-month moving average basis, the open position rate in the construction sector held steady at 4.1%. The peak rate during the building boom prior to the Great Recession was just ~2.7%. The upcoming March JOLTS data is expected to better reflect the virus’ changes in the labor market, as the unemployment rate surges higher.