– January 2023 layoffs: 172,000

— Change from prior month: +6,000

— Change from January 2022: +32,000

– January 2023 layoff rate: 2.2% (Rank: #3)

— Change from prior month: +0.1 percentage points

— Change from January 2022: +0.4 percentage points

The construction industry suffered a crippling pause at the start of the pandemic that resulted in a shock to home inventory. But as the pandemic progressed, so too did new home, multifamily, and commercial construction. With vaccines now widely available, pressure will come from higher interest rates driving down demand for new homes.