The U.S. Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey shows the construction industry registered 371,000 job openings in October, which is down 52,000 from September and 21,000 from October 2021, according to www.abc.org. The survey defines a job opening as any unfilled position for which an employer is actively recruiting.
Construction workers quit their jobs at a faster rate than they were laid off or discharged; the quit rate in October was 2.4%, and the layoff/discharge rate was 1.7%.
“Today’s job openings data show that the U.S. labor market still offers abundant opportunity for job seekers,” said Associated Builders and Contractors Chief Economist Anirban Basu. “This is true in many segments, including construction. Despite a decline in the number of industry job openings, 4.6% of all construction positions are still unfilled, more than at any point from the start of the data series in 2000 to the end of 2018.
“However, there are signs that labor shortages are beginning to abate across all segments,” Basu continued. “The economywide share of workers who quit their job fell to the lowest level since May 2021, indicating that the U.S. economy continues to soften as it edges toward likely recession next year. Since many construction segments lag behind the performance of the broader economy by several months, it is conceivable that construction industry job openings will remain elevated for a time even as the U.S. economy weakens. This is reflected in ABC’s most recent Construction Confidence Index, which shows that nearly half of contractors intend to increase their staffing levels over the next six months.”