The U.S. Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey shows the construction industry registered 412,000 job openings in February, which is up by 129,000 from January but down by 9,000 from February 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 or discharged at a faster rate than they quit; the layoff/discharge rate in February was 2.2%, and the quit rate was 2%.
“These data confirm the sharp decline in construction job openings in January was a statistical aberration,” said ABC Chief Economist Anirban Basu. “Demand for construction workers remains elevated despite fears of recession, slow implementation of America’s infrastructure rebuilding program, higher interest rates and growing concerns regarding the availability of project financing in light of recent bank failures.
“This also reinforces the findings from ABC's latest Construction Confidence Index, which indicate that the typical nonresidential construction firm remains in growth mode, expecting sales, employment and even profit margins to expand over the next six months,” Basu continued. “In the face of numerous headwinds, the resilience of the U.S. nonresidential construction industry remains remarkable.”
