September 2025 - Hillwood Loves Realtor

Construction Labor Market Softens

Robert Dietz2025-09-30T10:20:27-05:00

The count of open, unfilled positions in the construction industry decreased in August, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The decline occurred as home building weakened in 2025. The number of open jobs for the overall economy was effectively unchanged, increasing from 7.21 million in July to 7.23 million in August. The August reading was notably lower than the 7.65 million estimate from a year ago and reflects an overall cooling of the U.S employment market. Previous NAHB analysis indicated that this number had to fall below 8 million on a sustained basis for the Federal Reserve to move forward on interest rate reductions. With estimates remaining below 8 million for national job openings, the Fed, in theory, should be able to cut further in 2025. The number of open construction sector jobs decreased from a revised 303,000 level in July to 188,000 in August. This marks a notable decline of open, unfilled construction jobs from that registered a year ago (304,000). The chart below notes the declining trend that has been in place for unfilled construction jobs since the Fed raised the federal funds rate as home building weakened. The construction job openings rate declined to 2.2% in August, lower than the 3.6% estimated a year ago. The layoff rate in construction declined to 2.2% in August. The quits rate edged higher to 1.8% in August. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Construction Labor Market SoftensRobert Dietz2025-09-30T10:20:27-05:00

Characteristics of Homes Built in Age-Restricted Communities

Onnah Dereski2025-09-29T09:19:49-05:00

In 2024, approximately 43,000 homes were built in age-restricted communities, representing just over 3% of all housing starts. According to the Census Bureau’s Survey of Construction, roughly three-quarters of these homes (32,000) were single-family units. The remaining 11,000 were multifamily units, which marked the lowest number of age-restricted multifamily starts since 2009. In 2009, during the depths of the housing downturn, builders started only 17,000 homes in age-restricted communities (9,000 single-family and 8,000 multifamily). The numbers then increased steadily until reaching 60,000 age-restricted starts (roughly evenly split between single-family and multifamily) in 2018. These numbers decreased during the pandemic but rebounded in 2021-2022, almost reaching the peak from 2018. In 2024, the total number of age-restricted home starts decreased by approximately 12% from 2023. This drop came amid a broader slowdown in overall housing starts. While total single-family starts increased by about 7% year-over-year, multifamily starts fell sharply by 25%. A similar trend played out in the age-restricted segment: single-family starts increased, while multifamily starts declined. In terms of market share, age-restricted single-family homes maintained their 3.16% share of all single-family starts, but the share of age-restricted multifamily units fell to 3.11%. Age-restricted single-family homes carried a noticeable price premium in 2024. The median sales price reached $525,000—about 25% higher than the $421,000 median for non-age-restricted homes. While new non-age-restricted home prices held steady compared to the previous year, prices for age-restricted homes rose by 5%. Age-restricted homes tended to be larger, averaging 2,200 square feet versus 2,100 square feet. However, the price per square foot remained elevated at $155.90, compared to $154.30 for non-age-restricted homes. Lot values may help explain part of the price difference. Age-restricted homes were typically built on more expensive lots, with a median value of $62,000 compared to $60,000 for non-age-restricted homes. Despite the higher price, these lots were smaller, averaging 0.16 acres versus 0.20 acres. Additional data from the 2024 SOC reveal that age-restricted homes have distinct characteristics compared to non-age-restricted homes. A higher percentage of age-restricted homes are attached, single-story, and lack a basement. These homes are also more likely to come with patios and porches, but less likely to have decks. Finally, age-restricted homes are less likely to require a loan and more likely to be purchased for cash, as older home buyers have had longer to accumulate savings and assets (often equity in a previous home) that can be converted into cash. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Characteristics of Homes Built in Age-Restricted CommunitiesOnnah Dereski2025-09-29T09:19:49-05:00

2025 Second Quarter State-Level GDP Data

Danushka Nanayakkara-Skillington2025-09-26T14:15:02-05:00

Real gross domestic product (GDP) increased in 48 states in the second quarter of 2025 compared to the first quarter, according to the U.S. Bureau of Economic Analysis (BEA). Mississippi and Arkansas reported declines, while the District of Columbia reported no change during this time. Growth was geographically broad but varied considerably in magnitude, ranging from a 7.3 percent increase in North Dakota to a 1.1 percent decline in Arkansas. Nationwide, growth in real GDP (measured on a seasonally adjusted annual rate basis) increased 3.8 percent in the second quarter of 2025. The leading contributors to the increase in real GDP across the country were finance and insurance; information; and nondurable-goods manufacturing. Regionally, real GDP increased in all eight regions between the first and the second quarter of 2025. The percent change in real GDP ranged from a 2.9 percent increase in the Southeast region to a 6.0 percent increase in the Southwest region. The strong performance in North Dakota, Texas, Kansas, New Mexico, and Wyoming reflected outsized contributions from mining, quarrying, and oil and gas extraction, underscoring the continued importance of the energy sector in driving state-level outcomes. At the same time, finance and insurance, information, and nondurable-goods manufacturing provided steady growth contributions across most regions, supporting broad-based gains. While the majority of states experienced moderate to strong expansion, a small number of states in the South and Midwest posted flat or declining GDP, highlighting ongoing sectoral challenges such as weaker agricultural output, subdued consumer spending, or slower goods production. At the industry level, finance and insurance, information services, and nondurable-goods manufacturing were the most consistent contributors to state-level GDP growth nationwide, while mining and energy extraction provided a particularly strong lift in western and energy-rich states. However, several sectors weighed on growth in specific regions. Agriculture, forestry, fishing, and hunting contracted in parts of the Midwest and Plains, offsetting gains elsewhere and contributing to weaker results in states with heavy reliance on farm output. In addition, durable-goods manufacturing was a mixed performer, with softness in transportation equipment and machinery limiting growth in certain industrial states. The divergence in growth rates illustrates the uneven distribution of economic momentum across the country, shaped largely by differences in industrial composition. Energy-producing states continued to benefit from elevated demand and investment in extraction industries, while states with less exposure to these sectors showed more modest gains. Overall, the data point to an economy that remains resilient at the national level but with significant regional disparities, emphasizing the influence of industry-specific factors on state growth trajectories. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

2025 Second Quarter State-Level GDP DataDanushka Nanayakkara-Skillington2025-09-26T14:15:02-05:00

State/Local Property Tax Revenue Share Falls for Third Straight Quarter

Jesse Wade2025-09-26T08:18:57-05:00

In the second quarter of 2025, property tax revenue for state and local governments recorded a new high, although it decreased as a share of total tax revenue. . On a seasonally adjusted basis, state and local government property tax revenue grew 0.7% over the quarter, according to the Census Bureau’s quarterly summary of state and local tax revenue. Meanwhile, total tax revenue for state and local governments increased 1.6% over the quarter, with individual income tax revenue up 4.1%, sales tax revenue up 0.8% and corporate income tax revenue up 0.5%. Property tax revenue stood at $203.4 billion in the second quarter, a slight increase from a revised $202.0 billion estimate in the first quarter. These collections increased 2.5% from one year ago. While this shows growth over the quarter, the share of state and local governments tax revenue originating from property tax fell for the third consecutive quarter. The share is down from its recent peak of 38.0% in the third quarter of 2024 to 37.2%, a 0.8 percentage point decline. Property taxes typically make up the largest share of the total tax revenue for state and local governments, accounting for over one-third at 37.2% in the second quarter. The second highest generator was sales tax at 27.5%, totaling $150.0 billion, followed closely by individual income tax at 26.9% ($146.9 billion). Corporate income tax rounded out the remaining 8.4% at $45.8 billion. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

State/Local Property Tax Revenue Share Falls for Third Straight QuarterJesse Wade2025-09-26T08:18:57-05:00

Mortgage Rates Continue Downward Trend in September

Catherine Koh2025-09-25T16:19:06-05:00

Average mortgage rates in September trended lower as the bond market priced in expectations of rate cuts by the Federal Reserve. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.35%, 24 basis points (bps) lower than August. Meanwhile, the 15-year rate declined 21 bps to 5.50%. Despite the recent drop, rates remain higher than a year ago as last September saw the lowest levels in about two years. The 30-year rate is currently higher by 17 basis points (bps), and the 15-year rate is higher by 24 bps, year-over-year. The 10-year Treasury yield, a key benchmark for long-term borrowing, averaged 4.14% in September – a 15 bps decrease from the previous month. Markets began pricing in rate cuts from the Fed at the start of the month, particularly after news that jobless claims rose while inflation remained modest. On September 17, the Federal Reserve announced a 25 bps cut to the federal funds rate, bringing the target range to 4.00% – 4.25%. Falling mortgage rates have already shown an impact on housing activity. New single-family home sales in August jumped 20.5% from the previous month, although we believe that estimate will be revised lower. Furthermore, according to the latest Mortgage Bankers Association (MBA) report, mortgage application activity strengthened, with refinancing applications rising and purchase applications remaining solid. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Mortgage Rates Continue Downward Trend in SeptemberCatherine Koh2025-09-25T16:19:06-05:00

Existing Home Sales Fall in August Amid Higher Mortgage Rates

Fan-Yu Kuo2025-09-25T11:21:21-05:00

Existing home sales dipped in August as elevated mortgage rates and higher home prices continued to sideline buyers, according to the National Association of Realtors (NAR). August sales reflected deals closed in June and July, when mortgage rates remained above 6.5%, about 50 basis points higher than current levels. Mortgage rates have hovered between 6.5% and 7% due to ongoing economic and tariff uncertainty earlier this year. However, rates recently fell below 6.5% for the first time this year as the Fed resumed rate cuts at its September meeting. Last week, the average mortgage rate decreased to 6.26%, the lowest since last Fall. With additional rate cuts expected in coming months, lower mortgage rates and improved inventory should bring more buyers and sellers into the market. Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, fell 0.2% to a seasonally adjusted annual rate of 4.00 million in August. However, on a year-over-year basis, sales were 1.8% higher than a year ago. The existing home inventory level was 1.53 million units in August, down 1.3% from July and up 11.7% from a year ago. At the current sales rate, August unsold inventory sits at a 4.6-months’ supply, unchanged from July but up from 4.2-months in August 2024. Inventory between 4.5 to 6 month’s supply is generally considered a balanced market. Homes stayed on the market for a median of 31 days in August, up from 28 days last month and 26 days in August 2024. The first-time buyer share was 28% in August, unchanged from July but up from 26% from a year ago. The August all-cash sales share was 28% of transactions, down from 31% in July but up from 26% a year ago. All-cash buyers are less affected by changes in interest rates. The July median sales price of all existing homes was $422,600, up 2.0% from last year. This marks the 26th consecutive month of year-over-year increases. The median condominium/co-op price in August was up 0.6% from a year ago at $366,800. Recent gains for home inventory will put downward pressure on resale home prices in most markets in 2025. Existing home sales in August were mixed across the four major regions. Sales rose in the Midwest (2.1%) and West (1.4%) but fell in the South (-1.1%) and Northeast (-4.0%). On a year-over-year basis, sales were up in the South (3.4%) and Midwest (3.2%) but were down in the West (-1.4%) and Northeast (-2.0%). The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI fell from 72.0 to 71.7 in July, suggesting elevated mortgage rates continued keeping buyers on the sidelines despite improved inventory. On a year-over-year basis, pending sales were 0.7% higher 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 in August Amid Higher Mortgage RatesFan-Yu Kuo2025-09-25T11:21:21-05:00

Single-Family Construction Loan Volume Falls Back

Jesse Wade2025-09-24T08:17:10-05:00

The NAHB Land Acquisition, Development and Construction (AD&C) loan survey in the second quarter reported tightening credit conditions for builders. Consequently, FDIC data reporting the outstanding volume of 1-4 family construction loans fell in the second quarter. The total volume of all AD&C loans fell for the sixth straight quarter, led by declines in other real estate development loans. In the second quarter of 2025, the total level of outstanding acquisition, development, and construction loans fell to $469.1 billion, down 5.3% from one year ago. This was again led by a drop in other real estate development loans, which fell to $379.3 billion, down 2.3% compared to the quarter prior. The volume of 1-4 family residential construction and land development loans totaled $89.8 billion in the second quarter, down 2.0% from one year ago. On a quarterly basis, this volume is down 0.3% from $90.0 billion in the first quarter. It is worth noting, the FDIC data represent only the stock of loans, not changes in the underlying flows, so it is an imperfect data source. Nonetheless, lending remains much reduced from years past. The current amount of existing 1-4 family residential AD&C loans now stands 56% lower than the peak level of residential construction lending of $204 billion reached during the first quarter of 2008. Alternative sources of financing, including equity partners, have supplemented this capital market in recent years. Quality Metrics of Construction Loans As the volume of outstanding 1-4 family residential construction loans fell, the volume of loans 30+ days past due or nonaccrual status also fell. The total level of past due and nonaccrual loans was $1.1 billion, down from $1.2 billion the quarter prior. As a share of the total 1-4 family residential construction loan volume, this accounts for 1.2%. The level of loans in nonaccrual status was $572.1 million while the level for 30-89 past due was $469.2 million. Loans are classified as nonaccrual when one or more of the following conditions apply: the loan is 90 days or more past due on principal or interest (unless it is well-secured and in the process of collection); the bank no longer expects full repayment of principal and interest; or the borrower’s financial condition has significantly deteriorated, warranting cash-basis accounting. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Single-Family Construction Loan Volume Falls BackJesse Wade2025-09-24T08:17:10-05:00

Beyond the Official Unemployment Rate: A Deep Dive into U.S. Unemployment

Jing Fu2025-09-23T09:17:38-05:00

In August, the official, or standardly referenced, unemployment rate rose slightly to 4.3%, up from 4.2% in July. This marks the highest level in nearly four years, though it remains historically low. Although the national unemployment rate provides a broader view of labor market conditions, it often obscures significant variations at the local level. In July 20251, unemployment rates across 387 metropolitan areas varied widely, ranging from a low of 1.8% to a high of 18.9%. Rapid City, South Dakota, and Sioux Falls, straddling South Dakota and Minnesota, reported the lowest unemployment rates in the nation at 1.8%, followed by Bozeman, Montana, at 2.2%. On the higher end, El Centro, California, posted the nation’s highest unemployment rate at 18.9%. Out of all U.S. metro areas, 139 (marked in red) had unemployment rates above the national average of 4.2%, while 229 metro areas (in blue) were below the national rate. The remaining 19 metro areas (in yellow) matched the national average. Among the metro areas with a higher-than-national average unemployment rate, 36% were in the West, 26% in the South, 24% in the Midwest, and 14% in the Northeast. This local analysis indicates a notable regional disparity in labor market conditions. In the following analysis, we will take a closer look at long-term unemployment and the broader U-6 unemployment rate, both of which provide further insight into the overall health of the labor market. Long-term unemployment Long-term unemployment, defined by the Bureau of Labor Statistics (BLS), refers to individuals who are currently unemployed2 and whose unemployment has lasted for 27 continuous weeks or more. This group represents a critical measure of labor market health and recent data shows an increasing trend. As of August 2025, more than 1.9 million Americans have been unemployed for at least 27 weeks. This marks the highest level since the COVID-19 pandemic and is almost double the number seen in early 2023. Today, long-term unemployed individuals account for nearly 26% of the total unemployed people, underscoring signs of a cooling labor market. Generally, higher levels of education are associated with lower unemployment rates. However, recent trends show a significant rise in long-term unemployment among college-educated workers. A New York Times article reports that college graduates now make up over 30% of the long-term unemployed people. This shift reflects deeper structural changes in the labor market, where automation, technological disruption, and federal job cuts have reduced the demand for roles traditionally held by degree-holders. Long-term unemployment doesn’t just signify a prolonged job search—it often signals deeper detachment from the labor market. According to a research paper titled “Are the Long-Term Unemployed on the Margins of the Labor Market?”3, only 11% of individuals who are long-term unemployed in a given month managed to secure steady, full-time employment a year later. Even for those who do find work, the clock isn’t necessarily reset. Many experience recurrent joblessness, often cycling between short-term employment and periods of unemployment, which prevents long-term economic stability and career progression. The U-6 Unemployment Rate To fully understand the state of the labor market, it’s important to look beyond the official U-3 rate and consider broader measures like the U-6 unemployment rate4. The U-6 unemployment rate offers a more comprehensive view of unemployment than the official U-3 rate. In addition to the total number of unemployed, U-6 includes all people marginally attached to the labor force, and individuals working part-time for economic reasons (also known as involuntary part-time workers). It is expressed as a percentage of the civilian labor force plus the marginally attached. Mathematically, the U-3 and U-6 unemployment rates can be calculated using the following equations: Where MA refers to all people marginally attached to the labor force, and PT refers to individuals working part-time for economic reasons (also known as involuntary part-time workers). A larger gap between the U-3 and U-6 rates indicates higher underemployment and greater labor market slack that is not captured by the official U-3 rate. Historically, this gap has ranged from 2.9 to 8.1 percentage points, often widening significantly during periods of recession. In August 2025, the gap stood at 3.8 percentage points. While this is still relatively low, it has been gradually increasing over the past two years. This upward trend may indicate that more workers are facing part-time work due to economic constraints or are struggling to find adequate employment that matches their skills and availability. Conclusion Overall, the U.S. labor market is showing signs of cooling as economic and policy uncertainty rise. While the official unemployment rate (U-3) remains low by historical standards, recent data points to a gradual softening. The share of long-term unemployed individuals continues to rise, and job openings declined in July—signaling reduced hiring demand. As the pace of hiring slows and job seekers face longer and more difficult searches, understanding these deeper trends is increasingly critical. The Federal Reserve’s interest rate cuts at its September meeting, along with another 75 basis points of easing in the coming quarters, may help cushion the labor market and prevent further deterioration. Note: The Bureau of Labor Statistics (BLS) releases unemployment data for U.S. metropolitan areas approximately one month after the national-level figures for the same reference period. For example, the Metropolitan Area Employment and Unemployment data for August 2025 is scheduled for release on October 1, 2025, approximately one month after the national data was published. ↩︎Unemployed:In the Current Population Survey, people are classified as unemployed if they meet all of the following criteria:a. They were not employed during the survey reference week.b. They were available for work during the survey reference week, except for temporary illness.c. They made at least one specific, active effort to find a job during the 4-week period ending with the survey reference week (see active job search methods) or they were temporarily laid off and expecting to be recalled to their job.People waiting to start a new job must have actively looked for a job within the last 4 weeks in order to be classified as unemployed. Otherwise, they are classified as not in the labor force.For more information, please go to the BLS website: https://www.bls.gov/cps/definitions.htm#jobsearch ↩︎Alan B. Krueger, Judd Cramer, and David Cho of Princeton University, “Are the Long-Term Unemployed on the Margins of the Labor Market?” presented at the Spring 2014 Conference on the Brookings Papers on Economic Activity (BPEA). ↩︎Alternative measures of labor underutilization (U-1 through U-6):In addition to the official unemployment rate, the Bureau of Labor Statistics publishes a range of alternative measures of labor underutilization. Together, these are known as the U-1 through U-6 rates. All six rates, U-1 through U-6, are produced solely from data collected in the Current Population Survey.U-1 is limited to people unemployed for 15 weeks or longer and is expressed as a percentage of the civilian labor force.U-2 is limited to unemployed job losers, including people who completed temporary jobs, and is expressed as a percentage of the civilian labor force.U-3 is the official unemployment rate. It is the total number of unemployed people, expressed as a percentage of the civilian labor force.U-4 adds discouraged workers to the total number of unemployed people, and is expressed as a percentage of the civilian labor force plus discouraged workers. (Discouraged workers are a subset of people not in the labor force. They are not included in the official unemployment measure because they have not searched for work in the last 4 weeks.)U-5 adds all people who are marginally attached to the labor force (which includes discouraged workers) to the total number of unemployed people, and is expressed as a percentage of the civilian labor force plus those marginally attached to the labor force.U-6 is the broadest measure of labor underutilization. In addition to the total number of unemployed and all people marginally attached to the labor force, U-6 includes people at work part time for economic reasons (also called involuntary part-time workers) and is expressed as a percentage of the civilian labor force plus the marginally attached.For more information, please go to the BLS website: https://www.bls.gov/cps/definitions.htm#ur. ↩︎ Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Beyond the Official Unemployment Rate: A Deep Dive into U.S. UnemploymentJing Fu2025-09-23T09:17:38-05:00

Single-Family Homes Are Built Faster in 2024

Na Zhao2025-09-22T09:15:57-05:00

Building a new single-family home took less time in 2024 compared to the previous two years. On average, it now takes 9.1 months from start to finish. That includes 1.4 months for authorization to start construction and another 7.6 months to finish construction. Data from the Census Bureau’s Survey of Construction shows that single-family construction timelines have shortened as supply chain challenges have eased after the pandemic. However, it is still almost two months longer than the average completion time in 2015. The extra time is largely attributable to a more stringent regulatory environment, elevated mortgage rates, and a shortage of skilled labor. Among all single-family houses completed in 2024, homes built for sale required the shortest amount of time, 7.6 months from obtaining building permits to completion. Meanwhile, homes built by owners required the longest time, 15.1 months. Homes built by hired contractors took about 12 months, and homes built-for-rent took about 12.5 months from authorization to completion. The chart below illustrates that permit-to-completion time differs across home sizes. The smallest single-family homes, under 1,200 sq. ft., required 14.2 months to finish, relatively longer than every other size homes except those over 5,999 sq. ft. This prolonged period is primarily because half of these smaller homes are constructed specifically for rental purposes, which typically takes longer building time from authorization. In contrast, homes ranging from 1,200 to 3,999 sq. ft. are built at the average building time, typically around 9 months. As the size increases beyond 4,000 sq. ft., there is a noticeable upward trend in completion times. Homes with 4,000-4,999 sq. ft. take about 10.7 months, while those between 5,000- 5,999 sq. ft. extend to around 14 months. Homes over 6,000 sq. ft. take the longest to build, requiring almost 16 months from permit to finish. The average time from authorization to completion also varies across divisions. The division with the longest duration was the Middle Atlantic (13.7 months), followed by New England (13.1 months), the Pacific division (10.8 months), the Mountain division (10 months), and the East North Central division (9.4 months) in 2024. These five divisions exceeded the nation’s average of 9.1 months. The shortest period, 7.8 months, is registered in the South Atlantic division. The average waiting period from permit to construction start varies from the shortest time of 0.9 months in the East North Central to the longest of 2.1 months in the Pacific division. The SOC also collects additional information for houses built for sale, including a sale date when buyers sign sale contracts or make a deposit. Looking at single-family homes built for sale and completed in 2024, 15.2% were sold before construction started, 33% sold while under construction, 17% sold during the month of completion, and 27% sold after completion. The share of completed houses remaining unsold was 7.8% at point of survey. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Single-Family Homes Are Built Faster in 2024Na Zhao2025-09-22T09:15:57-05:00

State-Level Employment Situation: August 2025

Danushka Nanayakkara-Skillington2025-09-19T13:16:01-05:00

The latest government state employment report paints a mixed picture of the job market. While a few states saw modest employment gains, most areas showed little to no progress. The pace of hiring appears to be slowing, raising concerns about the strength of the recovery. Nonfarm payroll employment increased in 32 states in August compared to the previous month, while decreasing in 17 states and the District of Columbia. Montana reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 22,000 in August, falling short of expectations and following significant downward revisions to the previous two months’ figures including job losses in June. So far in 2025, monthly job growth has averaged 75,000, a significant slowdown compared to the 168,000 monthly average gain for 2024. On a month-over-month basis, employment data was most favorable in Texas, which added 17,600 jobs. Pennsylvania came in second (+12,200), followed by Ohio (+9,900). Meanwhile, a total of 80,000 jobs were lost across 17 states and the District of Columbia, with New York reporting the steepest job losses at 16,100. In percentage terms, employment increased the highest in Utah at 0.5%, while the District of Columbia saw the largest decline at 0.7% between July and August. Year-over-year ending in August, 1.5 million jobs have been added to the labor market, which is a 0.9% increase compared to the August 2024 level. The range of job gains spanned from 100 jobs in New Hampshire to 195,600 jobs in Texas. Four states and the District of Columbia lost a total of 23,600 jobs in the past 12 months, with Kansas reporting the steepest job losses at 10,000. In percentage terms, the range of job growth spanned 0.1% in Illinois to 3.1% in South Carolina. The range of job losses in Iowa, Maine, Kansas, and the District of Columbia spanned 0.1%-1.2%. Construction Employment Across the nation, construction sector jobs data 1—which includes both residential and non-residential construction—showed that 19 states reported an increase in August compared to July, while 29 states lost construction sector jobs. The two remaining states and the District of Columbia reported no change on a month-over-month basis. Florida, with the highest increase, added 3,600 construction jobs, while Nevada, on the other end of the spectrum, lost 4,400 jobs. Overall, the construction industry lost a net 7,000 jobs in August compared to the previous month. In percentage terms, Mississippi reported the highest increase at 3.1% and Nevada reported the largest decline at 4.1%. Year-over-year, construction sector jobs in the U.S. increased by 58,000, which is a 0.7% increase compared to the August 2024 level. Texas added 18,500 jobs, which was the largest gain of any state, while California lost 16,900 construction sector jobs. In percentage terms, New Mexico had the highest annual growth rate in the construction sector at 13.3%. During this period, Nevada reported the largest decline of 6.4%. 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: August 2025Danushka Nanayakkara-Skillington2025-09-19T13:16:01-05:00

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