The U.S. Construction industry reported 231,000 job openings on the last day of January. This figure represents a decrease of 14,000 openings from December and 1,000 fewer than the same period last year, according to an analysis by Associated Builders and Contractors (ABC) using data from the Bureau of Labor Statistics Job Openings and Labor Turnover Survey.
Construction Hiring Trends
While the pace of construction hiring did increase in January, ABC Chief Economist Anirban Basu cautioned that this acceleration is limited. According to Basu, the industry’s hiring rate remains slower than it has been at any point between 2001 and the end of 2019.
Despite the slower hiring rate, contractors expressed confidence in expanding staffing levels over the next six months, as indicated by ABC’s Construction Confidence Index. However, Basu noted that this confidence has persisted for several years alongside subdued hiring activity.
What Could Happen Next
If current trends continue, the construction industry may witness continued difficulty in filling open positions. The industry’s hiring rate could remain below pre-2020 levels. Contractors may continue to express confidence in future staffing needs, but translating that confidence into actual hires could prove challenging.
Frequently Asked Questions
What was the number of job openings in the construction industry on the last day of January?
There were 231,000 job openings in the U.S. Construction industry on the last day of January.
How does the current hiring rate compare to previous years?
The industry’s hiring rate is currently slower than at any point between the start of the data series in 2001 and the end of 2019.
What is the outlook for construction staffing levels?
Contractors remain confident that their staffing levels will expand over the next six months, according to ABC’s Construction Confidence Index.
How might broader economic conditions influence the construction industry’s ability to address its labor needs?
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