The sharp drop in construction hiring is a massive red flag.

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With the second-lowest month of hires in the 21st century, the industry is struggling like never before. This slowdown is telling us a lot about the broader economy. Even during the height of the pandemic, there were more job openings in construction than there are now. The cost of construction is plummeting, as developers have the upper hand, and contractors, desperate for work, are offering cheaper bids. This is the canary in the coal mine, and it’s not looking good.