Construction job openings rise
Construction job openings increased by 129,000 positions in February, according to Associated Builders and Contractors (ABC).
ABC based its findings through analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey.
The survey defines job openings as any unfilled position for which an employer is actively recruiting.
Altogether, the construction industry had 412,000 job openings in February, down from 9,000 for the same period a year ago.
“These data confirm the sharp decline in construction job openings in January was a statistical aberration,” said ABC Chief Economist Anirban Basu. “Demand for construction workers remains elevated despite fears of recession, slow implementation of America’s infrastructure rebuilding program, higher interest rates and growing concerns regarding the availability of project financing in light of recent bank failures.”
The industry has 369,000 hires in February and 387,000 in January.
“This also reinforces the findings from ABC's latest Construction Confidence Index, which indicate that the typical nonresidential construction firm remains in growth mode, expecting sales, employment and even profit margins to expand over the next six months,” said Basu. “In the face of numerous headwinds, the resilience of the U.S. nonresidential construction industry remains remarkable.”
In the National Association of Home Builders' Eye on Housing blog, Chief Economist Robert Dietz said, that despite the weakening that will occur in 2023, the housing market remains underbuilt and requires additional labor, lots and lumber, and building materials to add inventory.
"Looking forward, attracting skilled labor will remain a key objective for construction firms in the coming years," Dietz said. "While a slowing housing market will take some pressure off tight labor markets, the long-term labor challenge will persist beyond the ongoing macro slowdown."
