Housing Demand Slows, but Construction Employment Steady

Author: Liz Anderson
24 Oct 22

The labor market is resilient, and the construction sector is showing particular strength.

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. 

Economics Writer

Sign up to receive the latest updates!

The Upcoming UK Mortgage Crunch

05 Jun 23
Higher interest rates are about to send U.K. mortgage rates soaring, aggravating the current cost-of-living crisis and the housing market.
5 minutes

Hiring Slowdown? Not in May!

02 Jun 23
Maybe the U.S. job market’s hot streak isn’t slowing after all! The labor market defied expectations once again, adding 339,000 jobs in May.
4 minutes