The U.S. Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey shows the construction industry registered 449,000 job openings in December 2023, which is down by 21,000 from November 2023 and down by 39,000 from December 2022, 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 December 2023 was 2.1%, and the quit rate was 1.9%.
“The construction industry averaged 445,000 job openings per month in the fourth quarter of 2023,” said ABC Chief Economist Anirban Basu. “That’s the highest quarterly level on record and a strong indication that the labor shortages that have long plagued the construction industry remain firmly in place. With more than half of contractors expecting to increase their staffing levels over the next six months, according to ABC’s Construction Confidence Index, the supply of workers is unlikely to meet demand for the first half of 2024.
“There is, however, some good news regarding worker availability,” Basu continued. “While contractors are still laying off workers at a historically low rate, the rate at which construction workers are quitting has fallen below 2019 levels. This is likely a reflection of falling demand for labor in industries that compete with construction for talent, including trade, transportation and utilities, which has seen a 25% decline in job openings over the past year.”
