This graph shows starts, completions and residential construction employment. (starts are shifted 6 months into the future). Completions follow starts, and employment usually tracks completions.
Here is the graph:
Let's coordinate that information with a chart of total employment and recessions. Notice that right before a recession employment rates are strong. However, also note the employment situation deteriorates rapidly as the recession begins and progresses.
Will construction losses be severe enough to send the economy into recession? I don't know. But these two sets of data indicate we may be finding out soon.