This audio is automatically generated. Please let us know if you have any comments.
Dive brief:
- Construction job postings fell to 423,000 in October, down less than 1% from September, a report said. Bureau of Labor Statistics jobs report released on Tuesday
- About 5% of construction jobs were unfilled on the last day of October, according to the BLS. Despite the slight decrease from the previous month, construction job postings grew by more than 6% compared to October 2022.
- “Although labor market tightness is easing across all economic segments, labor shortages remain a pressing issue for the construction sector,” said Anirban Basu. chief economist of Associated Builders and Contractorsin a statement. Around half of contractors still plan to increase their staffing levels in the next six months, according to ABC data, a trend that has persisted. “Lack of available workers will continue to be an obstacle for the construction industry in the coming quarters,” Basu said.
Diving knowledge:
Across all industries, job postings were down about 6% from September.
“This is a strong indication that labor demand is slowing, although the supply of workers is still too low to meet that demand,” Basu said. “The number of open and unfilled jobs across the economy still exceeds the pre-pandemic level by more than 1.7 million.”
While the number of jobs for which construction employers were actively seeking workers fell only slightly in October, the number of separations increased. About 173,000 construction workers quit in October, 25% more than in September. In addition, companies laid off or laid off 163,000 workers in October, up nearly 4% from the previous month.
Construction has turned where it can for the workers. In Florida, for example, a state senator has introduced a bill that paves the way minors to work on roofs. Although the bill is still in its early stages, advocates say, with the right safeguards in place, it could help meet labor demand while training 16-year-olds for work
