The number of open jobs in construction dropped by 73,000 to 341,000 in March, the second lowest since mid-2021, according to an Associated Builders and Contractors’ analysis of new Bureau of Labor Statistics data. The openings represent jobs for which employers are actively recruiting. — Construction Dive
This figure reflects a 17% decrease in job openings from March 2022. The quantity of open jobs has been volatile so far this year as January saw a 50% dip followed by a sharp rebound in February. According to the Associated Builders and Contractors (ABC), 3.7% of construction workers were laid off or discharged in March, which is the highest rate since the start of the pandemic.
ABC attributes the fall in job openings to fragility in the single-family homebuilding sector. While this is cause for alarm, only a little over 9% of ABC members, which mainly work in the nonresidential sector, expect their staffing levels to fall over the next six months. It is expected this landscape will remain the same over the next few months as inflated interest rates are set to rise again.
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