Job Openings Inch Up as Layoffs, Hirings Soar

Construction sectors powered by federal funds have high demands for labor, but private segments face slower growth, according to an Associated Builders and Contractors economist.

Construction Dive

April 15, 2024

1 Min Read
Construction worker marking concrete
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The construction industry had 441,000 unfilled jobs in February, 16,000 more—or 3.8% higher—than in January, according to the Bureau of Labor Statistics job openings survey released earlier in April. The BLS report counts the number of positions for which employers were actively hiring. February’s number was 7.8% higher than at the same time last year. The growth came as the industry counted 403,000 new hires, the second highest rate on record, according to Associated Builders and Contractors Chief Economist Anirban Basu. At the same time, BLS measured 375,000 total separations, counting layoffs, firings and quits.

Basu said the elevated rate of hirings and discharges indicates a wide gap between construction sectors.

“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,” Basu wrote. 

At the same time, only about one in 10 contractors expects to decrease staffing levels in the next six months, according to a survey of ABC members.

For more, click here for the full article from our sister publication, Construction Dive.

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