According to an analysis by the Associated Builders and Contractors (ABC) in Washington, D.C., the construction industry had 423,000 job openings on the last day of October, based on data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS).
JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. In October, construction industry job openings decreased by 4,000 compared to the last day of September, but increased by 25,000 from the same time last year.
Overall, the number of economy-wide job openings fell to 8.7 million in October, the lowest total since March 2021, according to ABC Chief Economist Anirban Basu. Basu stated in a press release, “This is a strong indication that the demand for labor is slowing, although the supply of workers is still far too low to meet that demand.”
Basu also noted that while labor-market tightness is easing across all economic segments, worker scarcity remains a critical issue for the construction industry. He said, “On the last day of October, 5 percent of construction positions were unfilled, which is well above the 3.9 percent industry job opening rate observed in February 2020. With nearly half of contractors intending to increase their staffing levels over the next six months, according to ABC’s Construction Confidence Index, the lack of available workers will remain a headwind for the construction industry over the next several quarters.”
For more on ABC, go here.
