The U.S. Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey shows the construction industry registered 413,000 job openings in January, which is down by 21,000 from December 2023 but up by 120,000 from January 2023, according to Associated Builders and Contractors. The survey defines a job opening as any unfilled position for which an employer is actively recruiting.
Construction workers were laid off at a faster rate than they quit; the layoff/discharge rate in January was 2.6%, and the quit rate was 1.8%.
“The number of construction industry job openings remained elevated in January,” said ABC Chief Economist Anirban Basu. “Yet there were signs of potential softening demand for construction workers. January saw the lowest rate of construction workers quitting and the highest rate of layoffs and discharges since March 2023. Fortunately, this likely reflects the temporary effects of frigid weather on the industry rather than any broader slowing of construction activity. A majority of contractors expect to increase their staffing levels over the next six months, according to ABC’s Construction Confidence Index, a sign that the demand for workers should remain strong through at least the first half of the year.”
