Construction Industry in ‘Growth Mode’ as Job Openings Rise
After half of all construction job openings vanished in January, the number of open positions rose by 129,000 in February to a total of 412,000, Construction Dive reports. Though that figure is still 2.1% lower than the February 2022 total, it confirms that demand for construction workers is high despite fears of a recession, elevated mortgage rates, and recent bank failures.
A rise in job openings also suggests that builders are anticipating stronger market activity in the months ahead, leading to a rise in new projects and a growing need for additional skilled workers.
The increase in available jobs also supports recent surveys of ABC members, which indicate that nonresidential construction firms are in “growth mode,” [Anirban] Basu wrote. Builders anticipate sales, employment and profit margins to expand over the coming months.
“In the face of numerous headwinds, the resilience of the U.S. nonresidential construction industry remains remarkable,” he said.