Construction Industry Adds 16,000 Jobs in February

According to the Associated Builders and Contractors (ABC), the construction sector saw a notable increase in job openings in February. The analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey revealed that the industry had 441,000 job openings by the end of February. A job opening, as defined by JOLTS, refers to any vacant position actively being recruited for by an employer.

In comparison to the previous month, industry job openings surged by 16,000, marking a significant rise. Furthermore, this figure represents a year-on-year increase of 32,000 compared to the same period last year.

“The number of open, unfilled construction positions stood at the second highest level on record at the end of February,” said ABC Chief Economist Anirban Basu. “This occurred despite the fact that contractors hired workers at the fastest rate since March 2023.

“While these dynamics are emblematic of ongoing industrywide labor shortages, contractors also laid workers off at an elevated rate throughout February,” said Basu. “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. Despite the moderating effect of high borrowing costs on projects reliant on private funding, fewer than 11% of contractors expect their staffing levels to decrease over the next six months, according to ABC’s Construction Confidence Index.”

Despite challenges such as high borrowing costs impacting projects reliant on private funding, a mere 11% of contractors anticipate a decrease in their staffing levels over the next six months, according to ABC’s Construction Confidence Index. This underscores optimism within the industry regarding future staffing levels despite current hurdles.