Rising mortgage rates are impacting the housing market: home sales fell for an eighth consecutive month in September, now down 23.8% from the year before. Housing starts also slowed, falling 8.1% from August. The Federal Reserve has taken a bite out of housing demand. Yet, the construction labor market is holding strong. The sector added 19,000 jobs in September, defying the slowing residential demand. These gains are an impressive example of the resilience of the labor market.
Data analyst Sam Kuhn breaks down the trends to watch in the construction sector:
Download the Recruitonomics Construction Labor Market Snapshot for more insights on the latest trends.