Construction Job Openings Fall in September

2024-10-29T10:15:07-05:00

After a period of slowing associated with declines for some elements of residential construction, the count of open construction sector jobs trended lower in the September data, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS). The data indicates the demand for construction labor market remains weaker than a year ago. In September, after revisions, the number of open jobs for the overall economy declined from 7.86 million to 7.44 million. This is notably smaller than the 9.31 million estimate reported a year ago and a clear sign of a softening aggregate labor market. Previous NAHB analysis indicated that this number had to fall below 8 million on a sustained basis for the Federal Reserve to feel more comfortable about labor market conditions and their potential impacts on inflation. With estimates now remaining near 8 million for national job openings, the Fed has begun a credit easing cycle should continue lowering rates. The number of open construction sector jobs fell from a revised 328,000 in August to a softer 288,000 in September. Elements of the construction sector slowed in prior months as tight Fed policy persisted. The September reading of opening, unfilled construction jobs is lower than that registered a year ago: 422,000. The construction job openings rate fell back to 3.4% in September and continues to trend lower. The layoff rate in construction edged higher to 2.1% in September after a 2% rate in August. The quits rate in construction decreased to just 1.4% in September as job churn slowed. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Construction Job Openings Fall in September2024-10-29T10:15:07-05:00

Owner-Occupied Single-Family Housing Units Across Congressional Districts

2024-10-28T09:16:05-05:00

With elevated interest rates and rising home prices, 103.5 million households in the United States cannot afford a $495,750 median-priced new home. The growing affordability crisis makes housing a top issue for voters in the 2024 presidential election. Both presidential candidates have offered housing policy proposals to address our nation’s housing supply and affordability challenges. Homeownership has been a crucial part of the American Dream for over a century as owning a home not only provides households with a stable place to live, but also offers an opportunity for households to accumulate assets and build wealth over time through equity. A recent NAHB study on home buyer preferences revealed that a single-family detached home remained the top purchase preference for two out of every three buyers. In reality, only 54% of owner-occupied housing units in 2023 were single-family detached homes, according to NAHB analysis of American Community Survey (ACS) data. This equates to around 70 million homes of the total 131 million occupied housing units. In addition, a recent article in the Washington Post stated that “the new American Dream should be a townhouse (using the term of single-family attached homes in this post).” The article argues that townhouses are more affordable, need less maintenance, and foster a sense of community. Additionally, townhomes in medium-density residential neighborhoods can be a good option for younger home buyers. However, owner-occupied single-family attached homes only accounted for 4% of the total occupied housing units in 2023. Single-Family Detached Homes Across Congressional Districts Across congressional districts, the share of single-family detached homes among all owner-occupied housing units varies substantially, ranging from 3% to 95%. Texas has a high share of owner-occupied single-family homes. Texas’s 20th congressional district has the highest share of single-family detached homes. All congressional districts in Texas have at least an 83% share of single-family detached homes. Four districts in Texas, two in Indiana and Nebraska, one in Iowa, and one in California report the top ten highest share of single-family detached homes. At the bottom of the ranking, congressional districts in New York and Pennsylvania are on the list of the ten lowest shares of single-family detached homes. New York’s 12th, 13th, and 10th, where renter-occupied housing units exceed owner-occupied ones, have the lowest share with 3%, 4%, and 5%, respectively. In addition to a lower share of single-family detached homes, New York’s 12th and 13th have a low share of single-family attached homes, with 2% for both districts. In the District of Columbia, at-large, 22% of owner-occupied single-family housing units are detached, ranked as the 12th lowest share. Despite the geographic variation, single-family detached homes dominate most of the owner-occupied housing markets. Out of all 436 congressional districts, only 18 congressional districts have a lower share of single-family detached homes than the national level of 54%. Single-Family Attached Homes Across Congressional Districts Although single-family attached homes are not as popular as single-family detached homes in the owner-occupied housing market, the share of single-family attached homes shows substantial variation across congressional districts, ranging from 0% to 78%. Pennsylvania’s 3rd congressional district has about 78% single-family attached homes, followed by Pennsylvania’s 2nd district with 75% single-family attached homes, and Maryland’s 7th district with 57%. The District of Columbia, at-large, with only 22% single-family detached homes, was ranked as the fourth highest share of single-family attached homes (43%). Single-family attached homes have become popular as more home buyers are looking for “medium-density residential neighborhoods, such as urban villages that offer walkable environments and other amenities”, as mentioned in an NAHB blog post. Median Home Value The median value of owner-occupied housing units in the United States is $340,200, though it varies significantly across congressional districts depending on local housing supply and demand, property size, neighborhood, and overall economic factors. Coastal areas often have significantly higher median home values than rural regions. Analysis of the 2023 ACS data shows that of the 14 congressional districts where median house value exceeds one million, 12 of them are in California. California’s 16th congressional district has the highest median home value of $1,820,400 among all congressional districts, with 81% of 159,895 owner-occupied housing units valuing more than one million dollars. New York’s 12th and 10th congressional districts, with only 3% and 5% single-family detached homes, are the other two districts where median home value is over one million. Additional housing data for your congressional district are provided by the US Census Bureau here. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Owner-Occupied Single-Family Housing Units Across Congressional Districts2024-10-28T09:16:05-05:00

Mortgage-Free Homeowners by Congressional Districts

2024-10-25T13:29:26-05:00

As of 2023, nearly 40% of homeowners in the United States are mortgage-free, the highest level seen in the past 13 years. With elections approaching, it is valuable to analyze the share of mortgage-free homeowners across congressional districts, as these patterns often provide insights into the local housing market as well as demographic shifts. Both the number and the share of homeowners without mortgages have steadily increased since 2010, according to the 2023 American Community Survey. In 2010, around 32.8% of homeowners, or 24.5 million households, were mortgage-free. By 2023, this number had increased to 39.8% of homeowners, with 34.1 million homeowners having fully paid off their mortgages. Over the past 13 years, the share of mortgage-free homeowners has reached a record high level. Older homeowners are more likely to have fully paid off their mortgages. In 2023, two-thirds of the mortgage-free homeowners are baby boomers aged 60 years and over. In contrast, only 5% of mortgage-free homeowners are under 35 years old, 8% are between 35 and 44 years old, 11.9% are aged 45 to 55, and 8.9% are between 55 and 59. The share of mortgage-free homeowners varies substantially across the congressional districts. Districts with more affordable housing or a higher proportion of older populations tend to have a higher percentage of mortgage-free homeowners. The top 5 congressional districts for mortgage-free homeownership are primarily located in Southern states such as Texas, West Virginia, Kentucky, Mississippi, where lower housing costs or favorable weather attract older residents. As of 2023, Texas’s 34th district had the highest share of mortgage-free homeowners in the nation. Following closely, West Virginia’s 1st district had 61.2% of homeowners living mortgage-free, while Kentucky’s 5th district had a mortgage-free rate of 60.2%, Mississippi’s 2nd district had 58.7%, and Texas’s 29th district had 56.7%. In contrast, districts with younger populations, higher levels of urbanization and less affordable housing tend to have lower shares of mortgage-free homeowners. The five congressional districts that struggle the most with low rates of mortgage-free homeowners include Maryland’s 5th district (20.8%), Virginia’s 10th district (22.6%), the District of Columbia’s Delegate District at Large (22.7%), Virginia’s 7th district (22.6%) and California’s 37th district (20.8%).   Additional housing data for your congressional district are provided by the US Census Bureau here. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Mortgage-Free Homeowners by Congressional Districts2024-10-25T13:29:26-05:00

All-Cash Sales and Prices Decline in the Third Quarter

2024-10-25T11:18:15-05:00

 All-cash purchases accounted for 7.9% of new home sales in the third quarter of 2024, marking the highest level this year but lowest level for the third quarter since 2022, according to NAHB analysis of the latest Census Quarterly Sales by Price and Financing report. Among mortgaged home sales, FHA-backed and VA-backed sales fell while conventional sales increased. This is in line with the overall trend observed in mortgage activity, as mortgage demand grew with moderating rates during this period. Despite the decline in total sales, the median purchase price of new homes (across all financing types) continued to increase in the third quarter. Since the Federal Reserve began raising interest rates in early 2022, the share of all-cash new home sales has increased significantly, with an average of 8.7% amid this tightening cycle. The interest rate hikes have caused the average mortgage rate to more than double, surging from 3.1% in the fourth quarter of 2021 to 7.0% by the end of second quarter of 2024. The chart below illustrates how much more sensitive the all-cash share has become to changes in the federal funds rate since 2017. However, after peaking at 10.7% in the fourth quarter of 2022, the all-cash share has recently trended lower. Although cash sales make up a relatively small portion of new home sales, they constitute a larger share of existing home sales. This share also increased significantly since the Fed began raising interest rates in early 2022. According to estimates from the National Association of Realtors, 30% of existing home transactions were all-cash sales in September 2024, up from 26% in August and 29% a year ago. The share of FHA-backed sales fell from 13.0% to 11.9% in the third quarter of 2024, reaching the lowest level since the fourth quarter of 2022. This share remains below the post-Great Recession average of 17.0%. Meanwhile, the share of VA-backed sales also decreased, falling from 5.4% to 5.1%. Among declines in other types of new home financing, the share of conventional loans financed sales saw an increase in the third quarter of 2024, climbing from 73.9% to 75.1%, the highest level since the fourth quarter of 2022. Price by Type of Financing Different sources of financing also serve distinct market segments, which is revealed in part by the median new home price associated with each. In the third quarter, the national median sales price of a new home was $420,400. Split by types of financing, the median prices of new homes financed with conventional loans, FHA loans, VA loans, and cash were $466,100, $352,100, $404,000, and $401,600, respectively. The purchase price of new homes financed with conventional and cash declined over the past year, while the price of homes financed with FHA loans and VA loans increased. The largest decline occurred in cash sales prices, which fell 21.1% over the year. This is in stark contrast to year-over-year price changes in the third quarter of 2022 and 2023, when median sales price rose 16.9% and 18.2% (see below). Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

All-Cash Sales and Prices Decline in the Third Quarter2024-10-25T11:18:15-05:00

Homeownership Rates for Young Adults

2024-10-24T13:18:38-05:00

With housing affordability at a multidecade low, housing costs have become a major issue in the 2024 presidential election. While NAHB reports the national homeownership rate from the Census Bureau’s Housing Vacancy Survey on a quarterly basis, examining characteristics across congressional districts provides valuable insights. A recent NAHB analysis of 2023 American Community Survey shows about two-thirds (65.2%) of US households are homeowners, yet there are forty congressional districts where renters represent the majority. Another NAHB post found that in the second quarter of this year the homeownership rate for households under the age of 35 has dropped to its lowest level in four years, as higher mortgage rates and low inventory have made affordability a bigger challenge for first-time buyers. As the largest cohort of millennials reach peak homebuying years, it is important to take a closer look at homeownership rate for those under age 35. This post will focus on comparing the homeownership rates of young adults (under 35) across congressional districts using 2023 ACS data. The map below illustrates variation in young adults’ homeownership rates across congressional districts, ranging from 5.2% to 65.6%. In general, young adults’ homeownership rates tend to follow a distinct pattern with respect to the overall homeownership rate, particularly in the top five districts with the highest homeownership rates and the bottom five with the lowest. Table 1 shows that the top five districts with the highest young adults’ homeownership rate also have overall homeownership rate above 80%. However, the share of young adults in the top two districts is relatively low. In New York’s 1st and 4th district, 65% of young adults are homeowners, but they only make up only 8.9% and 9.8% of the overall population. Following that, Michigan’s 9th and 2nd districts have the third and fourth highest young adults’ homeownership rates above 60%. Table 1Congressional DistrictYoung Adults Homeownership RateOverall Homeownership RateYoung Adults Share of PopulationNew York, District 165.6%83.8%8.9%New York, District 465.2%80.7%9.8%Michigan, District 965.2%84.9%14.1%Michigan, District 261.0%82.4%17.3%Maryland, District 559.3%81.7%13.2% Table 2 shows the bottom five districts with the lowest young adult homeownership rates. Like the top five districts, those with the lowest young adult homeownership rates also tend to have lower overall homeownership rates. Among the bottom 15 districts, most are in New York and California, with only the 15th lowest in Washington, D.C. The West coast, in general, tends to have lower homeownership rates. Table 2Congressional DistrictYoung Adults Homeownership RateOverall Homeownership RateYoung Adults Share of PopulationNew York, District 135.2%12.8%20.4%California, District 347.5%22.0%24.8%New York, District 157.9%15.9%18.3%New York, District 78.2%22.0%33.0%California, District 308.7%30.1%24.4% Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Homeownership Rates for Young Adults2024-10-24T13:18:38-05:00

New Home Sales Improve in September

2024-10-24T11:16:51-05:00

Home buyers moved off the sidelines in September following the Federal Reserve’s recent move to cut interest rates for the first time in four years.  Sales of newly built, single-family homes in September increased 4.1% to a 738,000 seasonally adjusted annual rate from a downwardly revised August number, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in September is up 6.3% compared to a year earlier. Despite challenging affordability conditions, home builder confidence edged higher in October as they anticipate that mortgage rates will gradually, in an uneven manner, moderate in the coming months. There is a significant need for additional housing supply, as many prospective home buyers are entering the market. Following the Fed’s actions in September, mortgage rates fell to 6.18%, from 6.5% in August. However, new home sales will likely weaken in October due to a recent rise in long-term rates. A new home sale occurs when a sales contract is signed, or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the September reading of 738,000 units is the number of homes that would sell if this pace continued for the next 12 months. New single-family home inventory in September remained elevated at a level of 470,000, up 8.0% compared to a year earlier. This represents a 7.6 months’ supply at the current building pace. Completed for-sale new homes rose to 108,000, the highest level since 2009. The median new home sale price in September was $426,300, essentially unchanged from a year ago. The Census data reveals a gain for new home sales priced below $300,000, which made up 17% of new home sales in September, compared to 14% a year ago. Regionally, on a year-to-date basis, new home sales are up 19.2% in the Midwest, 1.1% in the South and 3.4% in the West. New home sales are down 1.1% in the Northeast. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

New Home Sales Improve in September2024-10-24T11:16:51-05:00

Second Homes by Congressional Districts

2024-10-24T10:20:23-05:00

In 2023, the total number of second homes was 5.7 million, accounting for 4% of the total housing stock, according to NAHB estimates of the 2023 American Community Survey. Second homes have been in a steady decline over the past few years, from 7.15 million in 2020, to 6.5 million in 2022, dropping to 5.7 million in 2023. The distribution of second homes across the U.S. reveals important geographic patterns, particularly when examined at the congressional district level. This analysis focuses on the number and the location of second homes qualified for or defined by the home mortgage interest deduction using the Census Bureau’s 2023 American community Survey (ACS). It does not account for homes held primarily for investment or business purposes. Half of the nation’s second homes are concentrated in a small number of congressional districts, primarily in these states: Florida, California, New York, Texas, Michigan, North Caroline, Pennsylvania, and Arizona. Florida alone accounted for 15.8% of all second homes, with 16 out of its 28 congressional districts having more than 25,000 second homes each. Florida’s 19th Congressional District had the largest stock of second homes, with 123,853 units. In contrast, Wyoming’s At Large Congressional District had the smallest stock, with 17,623 second homes. Analysis of congressional district data shows that second homes are not just concentrated in conventional coastal and resort areas. Second homes make up a significant portion of the housing stock in various districts across the country. Michigan’s 1st Congressional District had the highest share of second homes, with 24.5% of its housing stock qualified as second homes. Wisconsin’s 7th Congressional District had 82,755 second homes, almost 20% of its total housing stocks. While some congressional districts have a higher percentage of second homes, many other congressional districts also show a notable prevalence of second homes. In 2023, 32 congressional districts in 17 states had at least 10% of housing units that were second homes. Of these congressional districts, 8 congressional districts were in Florida, 4 in New York, 3 in California, and 2 in Maine, Michigan, North Carolina, and 1 congressional district each in Arizona, Colorado, Hawaii, Maryland, Massachusetts, Minnesota, New Jersey, Pennsylvania, South Carolina, Vermont, Wisconsin. NAHB estimates are based on the definition used for home mortgage interest deduction: a second home is a non-rental property that is not classified as taxpayer’s principal residence. Examples could be: (1) a home that used to be a primary residence due to a move or a period of simultaneous ownership of two homes due to a move; (2) a home under construction for which the eventual homeowner acts as the builder and obtains a construction loan (Treasury regulations permit up to 24 months of interest deductibility for such construction loans); or (3) a non-rental seasonal or vacation residence. However, homes under construction are not included in this analysis because the ACS does not collect data on units under construction. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Second Homes by Congressional Districts2024-10-24T10:20:23-05:00

Existing Home Sales Fall to 14-Year Low in September

2024-10-23T11:22:12-05:00

Despite recent easing mortgage rates and improved inventory, existing home sales fell to a 14-year low in September as elevated home prices are causing potential buyers to hold out for lower rates, according to the National Association of Realtors (NAR). Sales remained sluggish as the lock-in effect kept home prices elevated. However, we expect increased activity in the coming months as mortgage rates moderate with additional Fed easing. Improving inventory should help slow home price growth and enhance affordability. Homeowners with lower mortgage rates have opted to stay put, avoiding trading existing mortgages for new ones with higher rates. This trend is driving home prices higher and holding back inventory. With the Federal Reserve beginning its easing cycle at the September meeting, mortgage rates are expected to gradually decrease, leading to increased demand and unlocking lock-in inventory in the coming quarters. Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, fell 1.0% to a seasonally adjusted annual rate of 3.84 million in September, the lowest level since October 2010. On a year-over-year basis, sales were 3.5% lower than a year ago. The first-time buyer share remained at 26% in September, matching the lowest level since November 2021 and August 2024, but down from 27% in September 2023. The existing home inventory level rose from 1.37 million in August to 1.39 million units in September and is up 23.0% from a year ago. At the current sales rate, September unsold inventory sits at a 4.3-months supply, up from 4.2-months last month and 3.4-months a year ago. This inventory level remains low compared to balanced market conditions (4.5 to 6 months’ supply) and illustrates the long-run need for more home construction. However, the count of single-family resale homes available for sale is up almost 22.2% on a year-over-year basis. Homes stayed on the market for an average of 28 days in September, up from 26 days in August and 21 days in September 2023. The September all-cash sales share was 30% of transactions, up from 26% in August and 29% a year ago. All-cash buyers are less affected by changes in interest rates. The September median sales price of all existing homes was $404,500, up 3.0% from last year. This marked the 15th consecutive month of year-over-year increases and the highest level for the month of September. The median condominium/co-op price in September was up 2.2% from a year ago at $361,600. This rate of price growth will slow as inventory increases. Existing home sales in September were mixed across the four major regions. In the Northeast, Midwest, and South, sales fell by 4.2%, 2.2%, and 1.7%, respectively, while sales in the Midwest rose by 4.1%. On a year-over-year basis, sales decreased in the Northeast (-6.1%), Midwest (-5.3%) and South (-5.5%). Sales in the West increased 5.6% from a year ago. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI rose from 70.2 to 70.6 in August due to lower mortgage rates. On a year-over-year basis, pending sales were 3.0% lower than a year ago per National Association of Realtors data. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Existing Home Sales Fall to 14-Year Low in September2024-10-23T11:22:12-05:00

Housing Cost Burdens Across Congressional Districts

2024-10-23T08:23:48-05:00

While the lack of affordable housing dominates the headlines across the nation, congressional districts with higher shares of renter households are disproportionately affected by the current affordability crisis. Geographically, the districts with the largest housing cost burdens are heavily concentrated in California, Florida, and the coastal Northeast. Buoyed by significant home equity gains and locked in by below-market mortgages rates, current home owners are in a more advantageous financial position to weather the growing affordability crisis. At the same time, renters are facing the worst affordability on record. According to the latest 2023 American Community Survey (ACS), more than half of all renter households, or 23 million, spend 30 percent or more of their income on housing, and therefore are considered burdened by housing costs. Among home owners, the share of households that are cost burdened is less than a quarter (24%). Nevertheless, this amounts to 20.6 million owner households who experience housing cost burdens. As a result, congressional districts where housing markets are dominated by renters are more likely to register higher overall shares of households with cost burdens. In a typical congressional district, about a third of all households, renters and owners combined, experience housing cost burdens. In contrast, in the ten congressional districts with the highest burden rates, more than half of all households spend 30% or more of their income on housing. The highest burden rates are found in five districts each in California and New York and two in Florida (see the chart above). In New York’s 15th and 13th, 55% and 52% of households, respectively, are burdened with housing costs. The vast majority of these households are renters, as reflected by the low homeownership rates in these districts, 16% and 13%, respectively. Similarly, the remaining top 10 districts with the highest shares of burdened households have homeownership rates well below the national average of 65%. On the list, only Florida’s 20th and 24th have homeownership rates that exceed 50%. Since congressional districts are drawn to represent roughly the same number of people, higher shares typically translate into larger counts of cost burdened households. To capture any remaining differences, the size of the bubbles in the chart correlates with the overall number of burdened households. On the rental side, nine out of eleven worst burdened districts are in Florida. Close to two thirds of renters in Florida’s 26th, 20th, 25th and 19th are burdened with housing costs. The renter burden rates are similarly high in Florida’s 28th, 21st, 24th, 13th, and 23rd, where the shares of housing cost burdened renters are between 63% and 64%. Only California’s 27th and 29th register slightly higher burden shares exceeding 64%. At the other end of the spectrum is Wisconsin’s 7th, where just a third of renter households experience housing cost burdens. Florida, New York, and California stand out for simultaneously having congressional districts with the highest shares of cost burdened renters and owners. The heaviest owner burden rates dozen consists of five congressional districts in New York and California each and two in Florida. In New York’s 9th and 8th districts, 43% and 42% of home owners, respectively, spend 30% of more of their income on housing. While high property taxes contribute heavily to owners’ burden in New York and California, fast rising insurance premiums strain home owners’ budgets in Florida. The list of congressional districts with the lowest ownership burden rates include Alabama’s 5th, West Virginia’s 1st and 2nd, North Dakota’s at-Large, South Carolina’s 4th, Indiana’s 4th, 5th, and 6th, Arkansas 3rd, Tennessee’s 2nd, Missouri’s 3rd and 6th. Less than 17% of home owners in these districts spend 30% of their income or more on housing. Additional housing data for your congressional district are provided by the US Census Bureau here. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Housing Cost Burdens Across Congressional Districts2024-10-23T08:23:48-05:00

State Level Employment Situation: September 2024

2024-10-22T14:25:41-05:00

Nonfarm payroll employment increased in 41 states and the District of Columbia in September compared to the previous month, while eight states saw a decrease. Nevada reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 254,000 in September, following a gain of 159,000 jobs in August. On a month-over-month basis, employment data was most favorable in Texas, which added 29,200 jobs. New Jersey came in second (+19,200), followed by Florida (+17,000). A total of 17,400 jobs were lost across eight states, with Iowa reporting the steepest job losses at 4,800. In percentage terms, employment increased the highest in Idaho at 0.7%, while Iowa saw the biggest decline at 0.3% between August and September. Year-over-year ending in September, 2.4 million jobs have been added to the labor market across all 50 states and the District of Columbia. The range of job gains spanned from 2,000 jobs in Louisiana to 327,400 jobs in Texas. In percentage terms, the range of job growth spanned 3.4% in Idaho to 0.1% in Louisiana. Across the nation, construction sector jobs data 1  —which includes both residential and non-residential construction—showed that 24 states and the District of Columbia reported an increase in September compared to August, while 23 states lost construction sector jobs. The three remaining states reported no change on a month-over-month basis. Texas, with the highest increase, added 8,100 construction jobs, while Tennessee, on the other end of the spectrum, lost 1,600 jobs. Overall, the construction industry added a net 25,000 jobs in September compared to the previous month. In percentage terms, Ohio reported the highest increase at 2.7% and North Dakota reported the largest decline at 2.1%. Year-over-year, construction sector jobs in the U.S. increased by 238,000, which is a 3.0% increase compared to the September 2023 level. Texas added 42,300 jobs, which was the largest gain of any state, while New York lost 6,900 construction sector jobs. In percentage terms, Alaska had the highest annual growth rate in the construction sector at 21.1%. Over this period, Oregon reported the largest decline of 4.1%. For this analysis, BLS combined employment totals for mining, logging, and construction are treated as construction employment for the District of Columbia, Delaware, and Hawaii. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

State Level Employment Situation: September 20242024-10-22T14:25:41-05:00
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