ABC: Latest report shows construction job openings are up

By |  April 2, 2024

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The construction industry had 441,000 job openings on the last day of February, according to an Associated Builders & Contractors (ABC) analysis of U.S. Bureau of Labor Statistics’ data.

The bureau’s Job Openings & Labor Turnover Survey defines a job opening as any unfilled position for which an employer is actively recruiting.

Industry job openings increased by 16,000 in February and are up by 32,000 from the same time last year.

“The number of open, unfilled construction positions stood at the second-highest level on record at the end of February,” says Anirban Basu, ABC’s chief economist. “This occurred despite the fact that contractors hired workers at the fastest rate since March 2023.

While these dynamics reflect continued labor shortages, Basu says the rate at which contractors laid off workers throughout February was elevated.

“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,” he says. “Despite the moderating effect of high borrowing costs on projects reliant on private funding, fewer than 11 percent of contractors expect their staffing levels to decrease over the next six months, according to ABC’s Construction Confidence Index.”

Related: ABC provides updates on construction employment, unemployment; nonresidential spending

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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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