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.