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ABC: Construction job openings down in October

By |  November 30, 2022

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Construction industry job openings totaled 371,000 in October, according to an Associated Builders & Contractors (ABC) analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings & Labor Turnover Survey.

Industry job openings decreased by 52,000 last month and are down 21,000 from the same time last year.

“Today’s job openings data show that the U.S. labor market still offers abundant opportunity for jobseekers,” says Anirban Basu, ABC’s chief economist. “This is true in many segments, including construction. Despite a decline in the number of industry job openings, 4.6 percent 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.”

Despite this, Basu says there are signs that labor shortages are beginning to slow down across all segments.

“The economywide share of workers who quit their job fell to the lowest level since May 2021, indicating that the U.S. economy continues to soften as it edges toward likely recession next year,” he says. “Since many construction segments lag behind the performance of the broader economy by several months, it is conceivable that construction industry job openings will remain elevated for a time even as the U.S. economy weakens. This is reflected in ABC’s most recent Construction Confidence Index, which shows that nearly half of contractors intend to increase their staffing levels over the next six months.”

Jack Kopanski

About the Author:

Jack Kopanski is the Managing Editor of Pit & Quarry and Editor-in-Chief of Portable Plants. Kopanski can be reached at 216-706-3756 or jkopanski@northcoastmedia.net.

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