The U.S. Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey shows the construction industry registered 441,000 job openings in February, which is up by 16,000 from January and by 32,000 from February 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 February was 2.6%, and the quit rate was 1.9%.
“The number of open, unfilled construction positions stood at the second highest level on record at the end of February,” said ABC Chief Economist Anirban Basu. “This occurred despite the fact that contractors hired workers at the fastest rate since March 2023.
“While these dynamics are emblematic of ongoing industrywide labor shortages, contractors also laid workers off at an elevated rate throughout February,” Basu continued. “This suggests a schism in which certain construction segments powered by federal funding and incentives continue to generate tremendous demand for labor, while privately financed segments had somewhat slower growth. Despite the moderating effect of high borrowing costs on projects reliant on private funding, fewer than 11% of contractors expect their staffing levels to decrease over the next six months, according to ABC’s Construction Confidence Index.”
