The nationwide demand for labor is dulling, but construction still faces a shortage of workers. Construction counted 363,000 job openings at the end of July, according to the Bureau of Labor Statistics, a decrease of 23,000 jobs from June. — Construction Dive
As noted by the chief economist for Associated Builders and Contractors (ABC), Anirban Basu, job openings, across all industries, are at the lowest level since March 2021, and the rate at which workers are quitting their jobs has returned to the pre-pandemic norm. The demand for construction workers, however, still remains high. Last month's 363,000 job openings are still 10,000 more than the amount during the same period last year.
The recent dip in labor demand has been attributed to continued inflation and higher interest rates. According to Construction Dive, ABC members have indicated that they will still increase hiring efforts and are unlikely to lay off workers. Money entering the construction industry through legislation aiming to spur major projects is straining the pool of labor as contractors are competing for the same skilled workers.
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