In October 2022, there were 371,000 openings in the construction sector. According to an analysis of data from the Job Openings and Labor Turnover Survey by the Associated Builders and Contractors, this is the case.
A job opening, according to JOLTS, is any open position for which an employer is actively hiring. The number of job openings in the industry dropped by 52,000 last month and by 21,000 from this time last year.
According to ABC Chief Economist Anirban Basu, “today’s job openings data show that the U.S. labor market still offers abundant opportunity for job seekers.” This is true across a variety of industries, 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.
But there are indications that the labor shortages are starting to ease across all industries, according to Basu. “The percentage of workers who quit their jobs across the economy dropped to its lowest level since May 2021, showing that the American economy is still deteriorating and is likely to enter a recession next year. It is possible that job openings in the construction industry will continue to be high for a while even as the U.S. economy weakens because many construction segments perform several months behind the performance of the broader economy. According to ABC’s most recent Construction Confidence Index, nearly half of contractors plan to increase their staffing levels over the next six months, which is consistent with this.”