Number of Open Construction Jobs Remains Elevated

Recent government employment data suggest a pickup in construction sector job openings over the last half-year. While the increase in unfilled positions is consistent with the uptick in construction sector activity, particularly for home building, the data reflect only modest increases in total employment thus far.

For the construction sector, Job Openings and Labor Turnover Survey (JOLTS) data from the Bureau of Labor Statistics (BLS) indicate that gross hiring for the construction sector totaled 338,000 in March 2013.

More importantly, the number of open, unfilled positions in the construction industry remained near post-Great Recession highs. The number of unfilled positions in the sector stood at 101,000 in March, marking three consecutive months for which the total number of open positions was greater than 100,000. This is the first time this has occurred since 2008. Successfully filling open positions with qualified workers is a top concern for home builders in 2013.

The March job openings rate (open positions measured as a percentage of current employment) for construction was 1.7%. Measured as a three-month moving average, the openings rate (the blue line above) has shown noticeable strength for the last seven months. Combined with a declining sector layoff rate (nonseasonally adjusted), charted as a 12-month moving average in the graph above, these factors suggest good news for construction hiring in the months ahead.

Monthly employment data for April 2013 (the employment count data from the BLS establishment survey are published one month ahead of the JOLTS data) indicate that total employment in home building stands at 2.132 million, broken down as 586,000 builders and 1.545 million residential specialty trade contractors.

According to the BLS data, over the last 12 months, the home building sector has added only 84,000 jobs. Since the point of peak decline of home building employment, when total job losses for the industry stood at 1.466 million, 148,000 positions have been added to the residential construction sector.

While employment growth for the sector is not expected to occur at rates seen for the growth in building, the current slight level of improvement for total employment is a puzzle. This small amount of job creation could be due to increased hours for existing workers, but if true, this is not a sustainable situation. Expected increases in building should lead to further growth in residential construction employment over the course of the year. Thus far in 2013, home building employment is averaging monthly growth of about 14,000.

For the economy as a whole, the March JOLTS data indicate that the hiring rate was relatively unchanged at 3.2% of total employment. The hiring rate has been in the 3.1% to 3.4% range since January 2011. The job openings rate  remained elevated, at 2.8% in March, the highest since June 2012.

Post-Recession Highs for Open Construction Positions

Recent government employment data suggest a pickup in construction sector job openings over the last half-year. While consistent with the uptick in construction sector activity, particularly in home building, the data reflect only modest increases in employment thus far.

For the construction sector, Job Openings and Labor Turnover Survey (JOLTS) data from the Bureau of Labor Statistics (BLS) indicate that gross hiring in construction totaled 345,000 in February 2013. Hiring for the sector has exceed 300,000 per month for 23 of the last 25 months.

More importantly, the number of open positions in the construction industry reached a post-Great Recession high in February. The number of unfilled positions in the sector reached 116,000 in February, in addition to an upward revision for January. The February measure of unfilled jobs is the highest for the construction sector since September of 2008. Successfully filling open positions with qualified workers is a top concern for home builders in 2013.

The job openings rate (open positions measured as a percentage of current employment) for construction in February (2%) was the highest since May 2008. Measured as a three-month moving average, the openings rate (the blue line above) has shown noticeable strength for the last seven months. Combined with a declining sector layoff rate (nonseasonally adjusted), charted as a 12-month moving average in the graph above, these factors suggest good news for construction hiring in the months ahead.

Monthly employment data for March 2013 (the employment count data from the BLS establishment survey are published one month ahead of the JOLTS data) indicate that total employment in home building stands at 2.122 million, broken down as 578,000 builders and 1.544 million residential specialty trade contractors.

According to the BLS data, over the last 12 months, the home building sector has added only 78,000 jobs. Since the point of peak decline of home building employment, when total job losses for the industry stood at 1.466 million, 138,000 positions have been added to the residential construction sector.

An outstanding puzzle remains the fact that the increase in building has outpaced employment growth for the industry. This could be due to increased hours for existing workers, but if true, it is not a sustainable situation. Expected increases in building should lead to significant growth in home building employment in 2013.

For the economy as a whole, the February JOLTS data indicate that the hiring rate increased to 3.3% of total employment. The hiring rate has been in the 3.1% to 3.4% range since January 2011. The job openings rate  also increased, to a rate of 2.8% in February, the highest since June 2012.

JOLTS: Rising Job Openings in Construction

Recent government employment data suggest a pickup in construction sector job openings over the last half year. While consistent with the uptick in construction sector activity, particularly in home building, the data reflect only modest increases in employment thus far.

For the construction sector, Job Openings and Labor Turnover Survey (JOLTS) data from the Bureau of Labor Statistics (BLS) indicate that hiring levels continue to be strong enough to create net jobs (hiring minus separations). Hiring in construction totaled 319,000 in January 2013. Hiring for the sector has exceed 300,000 per month for 22 of the last 24 months.

The number of open positions in the construction industry remained relatively high in the current report. At 98,000 open positions, the month of January had the second highest number of unfilled positions in the last 17 months. Successfully filling open positions with qualified workers is a top concern for home builders in 2013.

Measured as a three-month moving average, the openings rate (the blue line above) has been reflecting strength for the last six months. Combined with a declining sector layoff rate (nonseasonally adjusted), charted as a 12-month moving average in the graph above, these factors suggest good news for construction hiring in the months ahead.

Monthly employment data for February 2013 (the employment count data from the BLS establishment survey are published one month ahead of the JOLTS data) indicate that total employment in home building stands at 2.109 million, broken down as 578,000 builders and 1.531 million residential specialty trade contractors.

According to the BLS data, over the last 12 months, the home building sector has added only 64,000 jobs. Since the point of peak decline of home building employment, when total job losses for the industry stood at 1.466 million, 125,000 positions have been added to the residential construction sector.

An outstanding puzzle remains the fact that the increase in building has outpaced employment growth for the industry. This could be due to increased hours for existing workers, but if true, it is not a sustainable situation. Expected increases in building should lead to significant growth in home building employment in 2013.

For the economy as a whole, the December JOLTS data indicate that the hiring rate remained at 3.1% of total employment. The hiring rate has been in the 3.1% to 3.4% range since January 2011. The job openings rate was also relatively unchanged at a rate of 2.7% in January. The openings rate has now been in the 2.5% to 2.7% range for more than one year.

Open Construction Jobs, But No Hiring Surge Yet

Despite the expansion of home building activity in 2012, construction sector employment growth remains positive if tepid, according to government statistics.

For the construction sector, Job Openings and Labor Turnover Survey (JOLTS) data from the Bureau of Labor Statistics (BLS) indicate that hiring levels continue to be strong enough to create net jobs (hiring minus separations). However, December hiring was notably weak,with the hiring total for the construction sector at only 287,000 positions, down from 380,000 in November.

While it seems likely that this low number will be revised up next month, December still marked the seventh consecutive month for which the three-month moving average of hiring remained above 300,000.

The number of open positions in the industry remained relatively high. At 92,000 open positions, the month of December had the second highest number of unfilled positions for 2012. Successfully filling open positions with qualified workers is a top concern for home builders going into 2013.

After benchmark revisions, monthly employment data for January 2013 (the employment count data from the BLS establishment survey are published one month ahead of the JOLTS data) indicate that total employment in home building stands at 2.091 million, broken down as 575,000 builders and 1.516 million residential specialty trade contractors.

According to the BLS data, over the last 12 months, the home building sector has added only 53,000 jobs. Since the point of peak decline of home building employment, when total job losses for the industry stood at 1.466 million, 107,000 positions have been added to the residential construction sector.

An outstanding puzzle remains the fact that the increase in building has outpaced employment growth for the industry. This could be due to increased hours for existing workers, but if true, it is not a sustainable situation. Expected increases in building should lead to significant growth in home building employment in 2013.

For the economy as a whole, the December JOLTS data indicate that the hiring rate dipped slightly to 3.1% of total employment from 3.3% in the previous month. The hiring rate has been in the 3.1% to 3.4% range since January 2011. The job openings rate was also relatively unchanged at a rate of 2.6% in December. The openings rate has now been in the 2.5% to 2.7% range for more than one year.

The ongoing weakness in hiring has several potential explanations. One, challenges in housing markets are preventing workers from relocating to labor markets with open positions. However, this “house lock” effect was recently challenged by a paper from economists at the New York Federal Reserve. A second possible explanation is a skills mismatch between available workers and open positions. This explanation is also hotly debated among various proponents of structural or cyclical explanations of post-Great Recession unemployment.

JOLTS: Construction Job Openings Up in Recent Months

November data from the Job Openings and Labor Turnover Survey (JOLTS) indicate that despite a downward revision for October, the number of open positions in the construction sector remains elevated. With continuing growth in housing starts predicted for 2013, these data suggest increased employment levels for the construction sector in the months ahead.

For the economy as a whole, the November JOLTS data indicate that the hiring rate (blue line below) was unchanged at 3.2% of total employment. The hiring rate has been in the 3.1% to 3.4% range since January 2011. The job openings rate (red line below) was also unchanged at a rate of 2.7% in November. The openings rate has now been in the 2.5% to 2.7% range for one year.

From 2009 to the end of 2011, the openings rate for the overall economy moved roughly along an increasing trend. However, this growth in open positions slowed in 2012. Moreover, the hiring rate trended down in 2012. All told, these conditions reflect an economy having trouble expanding employment. 

The ongoing weakness in hiring has several potential explanations. One, challenges in housing markets are preventing workers from relocating to labor markets with open positions. However, this “house lock” effect was recently challenged by a paper from economists at the New York Federal Reserve. A second possible explanation is a skills mismatch between available workers and open positions. This explanation is also hotly debated among various proponents of structural or cyclical explanations of post-Great Recession unemployment. Another explanation is that government policy uncertainty is holding back employers from adding workers. 

For the construction sector, the JOLTS data indicate that hiring levels picked up in November after a slight slowing during the Fall of 2012. November hiring for the construction sector totaled 351,000, marking the seventh month in a row of hiring in the construction sector above a 300,000 level. The significant month-over-month gain in hiring was consistent with the October JOLTS data, which showed an increase in job openings for the sector.

Job openings in construction remain elevated despite a downward revision for October’s spike in openings. The number of open positions  for October (99,000) and November (93,000) marks the highest two-month total in a year and a half. These data lend evidence of increased demand for construction workers and future growth in construction sector employment.

The monthly BLS net employment count for December (the employment count data from the BLS establishment survey are published one month ahead of the JOLTS data) indicates that total employment in home building stands at 2.056 million, broken down as 565,000 builders and 1.491 million residential specialty trade contractors.

According to the BLS data, over the last 12 months, the home building sector has added 67,000 jobs. While an improvement over recent months, this is still below the levels of net employment many believe should have been gained given the significant pickup in home building in 2012. However, it may be the case that for many builders, increases in construction in 2012 resulted in more hours for workers rather than in significant gains in the number of workers hired.

Nonetheless, the elevated October and November numbers of  job openings rate bodes well for future construction employment reports.

Construction Job Openings Spike in October

October data from the Job Openings and Labor Turnover Survey (JOLTS) indicate that the number of open positions in the construction sector increased significantly, reaching levels and rates last seen in 2007. 

While one month of preliminary data needs to be taken with caution, increases in housing construction suggest that employment levels should be higher than other data sources suggest.

For the economy as a whole, the October JOLTS data indicate that the hiring rate (blue line below) was mostly unchanged, edging up to 3.2% of total employment. The hiring rate has now been in the 3.1% to 3.4% range since January 2011. The job openings rate (red line below) increased slightly to 2.7% in October. The openings rate has now been in the 2.5% to 2.7% range for eleven consecutive months.

From 2009 to the end of 2011, the openings rate moved roughly along an increasing trend. However, this growth in open positions has appeared to slow for 2012. Moreover, the hiring rate has remained flat for about a year. All told, these conditions reflect an economy having trouble expanding employment. 

The ongoing weakness in hiring has several potential explanations. One, challenges in housing markets are preventing workers from relocating to labor markets with open positions. However, this “house lock” effect was recently challenged by a paper from economists at the New York Federal Reserve. A second possible explanation is a skills mismatch between available workers and open positions. This explanation is also hotly debated among various proponents of structural or cyclical explanations of post-Great Recession unemployment. Another explanation is that policy uncertainty, for example from the impending fiscal cliff, is holding back employers from adding workers. 

For the construction sector, the September JOLTS data indicate that hiring levels have remained constant for the last few months. October hiring for the construction sector totaled 321,000 and marks the sixth month in a row of hiring in the construction sector above a 300,000 level.

However, job openings in construction (red line above) climbed significantly in October. We’ll have to wait until next month to see if this increase survives data revision, but this development was notable. The total number of open positions (130,000) was the highest since November 2007. And the open position rate (2.3%), measured as a percentage of total employment for the sector, was the highest since April 2007. Anecdotal evidence suggests that many builders are having trouble finding skilled workers for construction, which is consistent with a growing open job rate.

Overall, per JOLTS, net hiring for the construction sector for 2012 year-to-date is only 8,000 positions. This number is hard to reconcile with recent increases in housing construction. While there may be issues with the data, this estimate matches the weak job growth reported by other BLS sources.

For example, the monthly BLS net employment count for November (the employment count data are published one month ahead of the JOLTS data) indicates that total employment in home building stands at 2.027 million, broken down as 553,000 builders and 1.474 million residential specialty trade contractors.

Net job losses at the low point of home building employment (December 2010) totaled 1.46 million. Current net job losses are 1.423 million. And according to the BLS data, over the last 12 months, the home building sector has added only 5,000 jobs.

This is clearly a case where the employment data does not match recent increases in housing construction. It may be the case that startups in the home building and remodeling sectors are being missed by the establishment survey. Recent data revisions suggest construction hiring could have been stronger over the period of April 2011 to March 2012.  We will know for sure in February when the final benchmark revision is published.

A second explanation is that builders were able to service previous levels of home building with current levels of labor and perhaps longer working hours, but now a growing demand for home construction is finally causing job openings to increase significantly. Next month’s JOLTS data will tell us whether this is in fact a trend that will translate into higher levels of construction employment in the near-term.

JOLTS Data: Seasonal Turnover Holds Back Construction Labor Market Growth

September data from the Job Openings and Labor Turnover Survey (JOLTS) indicate construction hiring picked up in September after a slow August. However, an increase in layoffs held back net hiring for the month. As a result, the pace of hiring for the sector in 2012 remains lackluster, especially given the recent pickup in strength of housing construction activity.

For the economy as a whole, the September JOLTS data indicate that the hiring rate fell back to 3.1% of total employment, which was slightly lower on a year-over-year basis. In fact, the hiring rate for September was the first time in 14 months that the rate fell below 3.2% – a small difference perhaps, but one illustrating the sluggishness of growth in the labor market. 

The job openings rate (the red line below) fell to 2.6%. in September from an upwardly revised 2.7% in August. The openings rate has now been in the 2.5% to 2.7% range for ten consecutive months.

From 2009 to the end of 2011, the openings rate moved roughly along an increasing trend. However, this growth in open positions has appeared to slow for 2012. Moreover, the hiring rate has remained flat for about a year,with a dip below recent levels for September. All told, these conditions reflect an economy having trouble expanding employment.  Relatively stronger reporting from the household and establishment labor market surveys for September and October may presage a stronger JOLTS report next month.

The ongoing weakness in hiring has several potential explanations. One, challenges in housing markets are preventing workers from relocating to labor markets with open positions. However, this “house lock” effect was recently challenged by a paper from economists at the New York Federal Reserve. A second possible explanation is a skills mismatch between available workers and open positions. This explanation is also hotly debated among various proponents of structural or cyclical explanations of post-Great Recession unemployment. Another explanation is that policy uncertainty, for example from the impending fiscal cliff, is holding back employers from adding workers. 

For the construction sector, the September JOLTS data indicate that hiring picked up after a slow August. Construction hiring reached a total of 346,000 for the month of September, the third highest total for 2012. September marks the fifth month in a row of hiring in the construction sector above a 300,000 level.

After a reduced hiring rate in August (5.9%), the hiring rate for the construction sector rose to 6.3% in September. Per the JOLTS data, net hiring for the construction sector remains negative, with 17,000 net positions lost for the sector for 2012 year-to-date. This drop off is due to weak hiring in the spring, as well as relative weakness in the nonresidential sector.

Jobs openings in construction were essentially unchanged in September, coming in at 77,000 open positions compared to 81,000 in August. The openings rate was unchanged at 1.4%.

We’ve noted for the last few months that net lost jobs in construction for 2012 is hard to reconcile with significant increases for 2012 in construction spending and other measures of activity. For September, this effect was caused in part for an uptick in the nonseasonally adjusted measure of layoffs, which totaled 280,000 for the month, the highest monthly tally since January 2012 and the second highest since January 2011.

While it is true that weakness in construction employment is due in part to nonresidential construction, other Bureau of Labor Statistics data indicate that home builders have not added many jobs in 2012.

The monthly BLS net employment count for October (the employment count data are published one month ahead of the JOLTS data) indicate that total employment in home building stands at 2.033 million, broken down as 560,000 builders and 1.473 million residential specialty trade contractors.

Net job losses at the low point of home building employment (December 2010) totaled 1.46 million. Current net job losses are 1.417 million. And according to the BLS data, over the last 12 months, the home building sector has added only 12,000 net positions.

Recent data revisions suggest construction hiring could have been stronger over the period of April 2011 to March 2012.  We will know for sure in February when the final benchmark revision is published. This might be a case where startups in the home building and remodeling sectors are being missed by the establishment survey.

JOLTS Data: Construction Hiring Dips in August, but Sector Job Openings Rise

August data from the Job Openings and Labor Turnover Survey (JOLTS) indicate construction hiring slowed in August after an elevated July. However, construction sector job openings rose for the month. Nonetheless, the pace of hiring remains lackluster, especially given the strength in housing construction activity for 2012.

For the economy as a whole, the August JOLTS data reveal that the hiring rate stood at 3.3% of total employment, which is basically unchanged over the last year. The national hiring rate has now been in a 3.2% to 3.4% range for the last 13 months. The job openings rate (the red line below) was unchanged for August at 2.6%. The openings rate has now been in the 2.5% to 2.7% range for nine months.

From 2009 to the end of 2011, the openings rate roughly moved along an increasing trend. However, this trend  appeared to slow for 2012. Moreover, the hiring rate has remained flat for about a year. All told, these conditions reflect an economy having trouble expanding employment.

The ongoing weakness in hiring has several potential explanations. One, challenges in housing markets are preventing workers from relocating to labor markets with open positions. However, this “house lock” effect was recently challenged by a paper from economists at the New York Federal Reserve. A second possible explanation is a skills mismatch between available workers and open positions. This explanation is also hotly debated among various proponents of structural or cyclical explanations of post-Great Recession unemployment. Another explanation is that policy uncertainty, for example from the impending fiscal cliff, is holding back employers from adding workers.

For the construction sector, the August JOLTS data indicate that hiring slowed for the month. Construction hiring reached a total of 308,000 for the month of August, the lowest pace since April. However, August marks the fourth month in a row of hiring in the construction sector above a 300,000 level.

 

After two strong months of hiring rates (June and July (6.4% and 6.5% respectively), the rate for August dipped to 5.6%. Per the JOLTS data, net hiring for the construction sector remains negative, with 20,000 net positions lost for the sector for 2012 year-to-date. This drop off is due to weak hiring in the spring, as well as relative weakness in the nonresidential sector.

Jobs openings in construction increased from 67,000 open positions in July to 82,000 open positions in August. The openings rate consequently increased from 1.2% to 1.5%, the highest rate since the spring.

We’ve noted for the last few months that net lost jobs in construction for 2012 is hard to reconcile with increases for 2012 in construction spending and other measures of activity. While it is true that weakness in construction employment is due in part to nonresidential construction, other Bureau of Labor Statistics data indicate that home builders have not added many jobs in 2012.

The monthly BLS net employment count for September (the employment count data are published one month ahead of the JOLTS data) indicate that total employment in home building stands at 2.033 million, broken down as 565,000 builders and 1.469 million residential specialty trade contractors.

Net job losses at the low point of home building employment (December 2010) totaled 1.46 million. Current net job losses are 1.417 million. And according to the BLS data, over the last 12 months, the home building sector has added only 23,000 net positions.

However, recent data revisions suggest construction hiring could have been stronger over the period of April 2011 to March 2012.  We will know for sure in February when the final benchmark revision is published.

JOLTS Data: Construction Hiring Continues Small Summer Rebound

July data from the Job Openings and Labor Turnover Survey (JOLTS) suggest that construction hiring continued a slight rebound for the months of July and August. While total hiring became more positive after weak months in the spring, the pace of hiring remains lackluster, especially given the strength in housing construction activity for 2012.

For the economy as a whole, the July JOLTS data reveal that the hiring rate stood at 3.2% of total employment. The national hiring rate has now been in a 3.2% to 3.4% range for the last 12 months. The job openings rate (the red line below) remained at 2.7%, a rate at which it has now stood for four out of the five last months.

The overall trends have remained constant over recent months. Namely, the openings rate appears to be moving along a long-run increasing trend, while the hiring rate remains relatively flat. This suggests the economy is having problems adding jobs by filling open positions.

There are two commonly cited explanations for this situation. One, challenges in housing markets are preventing workers from relocating to labor markets with open positions. However, this “house lock” effect was recently challenged by a paper from economists at the New York Federal Reserve. A second possible explanation is a skills mismatch between available workers and open positions. This explanation is also hotly debated among various proponents of structural or cyclical explanations of post-Great Recession unemployment.

For the construction sector, the July JOLTS data indicate that hiring continued its pick up after slow months of March and April. Construction hiring reached a total of 362,000 for the month of July, the highest level of hiring since June of 2011.

The construction hiring rates for June and July (6.4% and 6.6% respectively) are the highest rates in over a year. However, per the JOLTS data, net hiring for the construction sector remains negative, with 19,000 net positions lost for the sector for 2012 year-to-date. This drop off is due to weak hiring in the spring, as well as relative weakness in the nonresidential sector. However, total separations in construction (layoffs, quits and other separations) were also up in July.

We’ve noted for the last few months that net lost jobs in construction for 2012 is hard to reconcile with increases for 2012 in construction spending and other measures of activity. While it is true that weakness in construction employment is due in part to nonresidential construction, other Bureau of Labor Statistics data indicate that home builders have not added many jobs in 2012.

The monthly BLS net employment count for August (the employment count data are published one month ahead of the JOLTS data) indicate that total employment in home building stands at 2.031 million, broken down as 564,000 builders and 1.467 million residential specialty trade contractors.

Net job losses at the low point of home building employment (December 2010) totaled 1.46 million. Current net job losses are 1.419 million. And according to the BLS data, over the last 12 months, the home building sector has added only 24,000 net positions.

JOLTS Data: Construction Hiring Rebounds in June

June data from the Job Openings and Labor Turnover Survey (JOLTS) suggest that hiring picked up for the construction industry in May and June.

For the economy as a whole, the June JOLTS data reveal that the hiring rate stood at 3.3% of total employment. The national hiring rate has now been in a 3.2% to 3.4% range for the last 11 months. The job openings rate (the red line below) remained at 2.7%, which matches the highest rate of job openings the national economy has had since the middle of 2008.

The overall trends has remained constant over recent months. Namely, the openings rate appears to be moving along an increasing trend, while the hiring rate remains flat. This suggests the economy is having problems adding jobs by filling open positions. We believe these facts are related to the housing markets’ ongoing challenges and the ability of workers to move to locations where employers are hiring. Another explanation is that employers are unable to find workers with the needed skills necessary to fill open positions.

For the construction sector, the June JOLTS data indicate that hiring picked up after slow months of March and April. Construction hiring was upwardly revised from 284,000 to 314,000 for May and further increased to 370,000 in June. This marks the largest level of hiring for the construction sector since March 2010, when the homebuyer tax credit program was coming to a close.

The increase in June construction hiring caused the hiring rate to jump to 6.7% of total employment. This is the largest hiring rate since the summer of 2011 and is a marked contrast with the spring of 2012.

Per the JOLTS data, net hiring for the construction sector remains negative, with 14,000 net positions lost for the sector for 2012 year-to-date. This is in part due to soft hiring levels in March and April, as well as higher levels of quits in May and June.

We noted last month that net lost jobs in construction for 2012 is hard to reconcile with increases for 2012 in construction spending and other measures of activity. It is tempting to conclude the weakness in construction employment is due to nonresidential construction, but other Bureau of Labor Statistics data indicate that home builders have not added many jobs in 2012. We suggested last month that upward revisions for hiring were a possibility, and this certainly happened with the May data.  It may be the case that we see the June number revised upwards as well.

But other BLS data indicate that net home building employment has not changed much over the last year or so.

The monthly BLS net employment count for July (the employment count data are published one month ahead of the JOLTS data) indicate that total employment in home building stands at 2.023 million, 567,000 builders and 1.456 million residential specialty trade contractors.

Net job losses at the low point of home building employment (December 2010) totaled 1.46 million. Current net job losses are 1.427 million. And according to the BLS data, over the last 12 months, the home building sector has added only 16,000 net positions.