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Dive brief:
- Construction job offers increased to 431,000 on the last day of September, up 15% from the previous month, according to a Bureau of Labor Statistics report released Wednesday. The hiring rate fell by nearly a full percentage point, the most notable drop since the summer began.
- However, on a year-over-year basis, openings were down 7.5% from September 2022, the largest gap in unfilled positions since December, the report said.
- The increase in available positions in construction “reflects a increase in job offers throughout the economy which, at 9.6 million, remains 37% higher than at the start of the COVID-19 pandemic,” Anirban Basu, chief economist at Associated Builders and Contractors, said in a statement.
Diving knowledge:
The rate at which US workers quit has held steady in recent months, but in a bright spot for construction, the number of industry workers voluntarily leaving their jobs has declined in recent months , from a rate of 2.4% (180,000 workers) in June to 1.8% (143,000 workers) in September.
“While this is a welcome development, labor shortage remains a pressing issue for the industry,” Basu said.
Contractors laid off fewer workers in September than in August or a year earlier. With many companies intending to continue growing their workforce, according to a recent ABC survey of its members, “labor shortages will remain a pressing issue heading into 2024,” Basu wrote.
Many U.S. contractors are also struggling to retain workers. A survey by Yoh, an international talent and outsourcing company, found that one in seven workers plans to leave their job next year, most likely to improve benefits or pay.
Entrepreneurs with very favorable reviews of their industry employees suggested “sweat the small stuff” and learn about the ills of the workplace. By promoting and developing workers’ careers and raising awareness of the more challenging parts of the workday, contractors can better invest in culture.
“‘Sweat the small stuff’ is about caring about all the little moments in people’s lives, both inside and outside the workplace,” said Suzanne Roeder, director of growth at Boston-based contractor Suffolk. “There is no initiative or drive that makes a company a great place to work. Great company culture is based on how your manager responds in a difficult situation.”
