Construction Job Openings Up 21%

The construction industry had 422,000 job openings in September, up 21 percent from September 2021, and 9 percent from August 2022, according to Associated Builders and Contractors. The group analyzed government data from the Job Openings and Labor Turnover Survey done by the U.S. Bureau of Labor Statistics.

“Given healthy Construction Backlog Indicator levels and elevated Construction Confidence Index readings, it is not surprising that the number of available, unfilled construction jobs openings increased in September,” said Anirban Basu, chief economist, in a prepared statement. “The No. 1 challenge for contractors continues to be securing sufficient numbers of skilled, motivated construction workers.

“Job openings across all industries increased in September, which means that the Federal Reserve won’t pivot away from its hawkish stance on inflation anytime soon,” said Basu. “Rather, interest rates are likely to continue to rise as the Fed battles inflation. Firms focusing on infrastructure projects may continue to remain busy even if the economy ends up in a deep recession next year, due to a combination of current backlog and the expectation of major public infrastructure spending.”

Source: Associated Builders & Contractors