Fed Rate Hikes Are Weighing on the Housing Market. That’s Bad News for Construction Jobs
- Employment in the sector in March saw first drop in 14 months
- Building activity is set to weaken as backlogs diminish
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Construction jobs are set to become the next victim of high interest rates as the housing backlogs that have helped keep demand for workers steady start to diminish.
Record wait times for home construction have until now kept overall building activity elevated even as soaring borrowing costs over the last year have severely limited new projects. That’s left many construction firms struggling to attract and retain labor while other sectors like technology and finance have cut jobs.