Residential Construction Offers New Job Opportunities During Economic Recovery
After the devastating job losses experienced across the country in March and April, construction hiring surged and job openings increased in May to 365,000. In a positive sign, home builders and remodelers added 83,200 jobs in June, after gaining 224,200 in May.
To help members promote their skilled trade opportunities, NAHB developed promotional materials and detailed information about six popular construction trades.
To further amplify the new job opportunities available in this evolving economy, the White House's American Workforce Policy Advisory Board yesterday launched an ad campaign focused on "finding something new" and acquiring the skills needed for a new career. The campaign's Find Something New website allows job seekers to find online learning opportunities, certificate programs, training programs and apprenticeships.
HBI is included as a partner in the "Vocational, technical and trades education" section of the site to help prospective employees learn about the training opportunities available to enter the construction trades.
"I commend the White House's American Workforce Policy Advisory Board for the announcement with the Ad Council. We have an incredible partnership with The Home Depot Foundation in providing skills training in the trades for promising careers in the construction industry," said HBI President and CEO Ed Brady. "The construction industry provides a pathway for those new or displaced workers to a well-paying career. Those who gain a skill also have a great opportunity to become business owners and employers. We welcome all those who are interested in 'finding something new.'"
The White House American Workforce Policy Advisory Board is part of an executive order that President Trump signed in 2018 to develop a national strategy for training and retraining workers for high-demand industries. As part of this effort, NAHB and HBI pledged to train 50,000 workers over the next five years.
As the industry continues to work during this unprecedented time, the health and safety of construction workers is always top priority. NAHB's detailed plan for jobsite safety during the pandemic provides protective guidance and measures that all employers and workers should follow on the jobsite.
For more information about NAHB's workforce development initiatives visit nahb.org or contact Greg Zick.
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Latest Economic News
The U.S. labor market rebounded in October, with nonfarm payroll employment increasing by 165,000 jobs and the unemployment rate declining to 4.1%. However, the improvement in overall employment contrasts with continued weakness in residential construction, where employment fell by 16,400 jobs, the largest monthly decline since March 2021.
New multifamily housing confidence weakened year-over-year in the third quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 41, down five points year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 69, also down five points year-over-year.
Mortgage application activity declined in October as the 30-year fixed mortgage rate rose sharply again. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 14.1% month-over-month in October on a seasonally adjusted basis. Compared to a year ago, total mortgage applications were 39.8% lower.