Unexpected Hiring Surge in Construction Sector Despite Housing Freeze

In a surprising turn of events, the US housing market has seen a dramatic freeze in activity over the last 12 months. Despite this, the construction sector has been net hiring instead of laying off workers. This phenomenon is known as labor hoarding and it appears to be happening across many industries during this period of economic uncertainty. Experts are unsure why exactly this is occurring but some believe that companies are trying to avoid having to hire and train new workers when business picks up again. Another theory is that companies are trying to hold onto their most experienced employees who can help them quickly adjust when things return to normal. The US Bureau of Labor Statistics reported that there were about 500,000 fewer jobs in the construction sector compared to last year at this time. However, despite this decrease, construction employment was still up by 1% from February 2020-February 2021 due to the unexpected surge in hiring. This could be a sign that businesses have faith that the economy will recover soon and they’re preparing for it now by keeping their existing staff on board. It also shows how much employers value their current employees and recognize their importance during times like these. Whatever the reason behind it may be, labor hoarding appears to be providing some relief for those working in construction and other industries during an otherwise difficult period for job seekers nationwide.