The construction industry reported a total of 413,000 job openings in December, the third highest share on record, according to Construction Dive. Labor shortages have created a decades-old barrier for the home building industry, and as a housing shortage now exacerbates an existing affordability crisis in an economy rattled by inflation, hiring skilled workers remains a top priority for contractors in the year ahead.
In the broader economy, job openings were roughly 57% above pre-pandemic levels, and that elevated share means contractors will be forced to compete with other industries and employers for workers in 2023.
As contractors have increased wages in an attempt to keep up with inflation, it hasn’t always been enough. Indeed, workers want more now from a job in construction, including stability, benefits and a culture that can nurture a long-term career. Otherwise, they can turn to one of the other industries with high demand for new blood.
Labor + Trade Relations
Construction Job Openings Fell 50% From December to January
A 50% decline in construction job openings has the industry's leading economists scratching their heads. Here's what may be driving the sudden slowdown
Women in Construction
Advice From Tradeswomen: How Construction Companies Can Recruit and Retain More Women Workers
The share of women in construction is steadily rising, but according to those working in the skilled trades, addressing these problems with the recruitment process could bring in an even larger pool of talented, diverse workers
How Has Remote Work Affected Home Values Across the US?
Years after the start of the COVID-19 pandemic, Americans continue to prioritize a healthy work-life balance, which is why many are still moving out of cities and working from home