“Across all industries, job openings are now at the lowest level since March 2021 and the rate at which workers are quitting their jobs has returned to the pre-pandemic norm,” said Basu. “Unfortunately, the demand for construction workers remains elevated relative to supply.”
As inflation takes its toll on consumers and higher interest rates weaken growth, the high demand in the labor market should continue to cool down, Basu said. ABC members continue to indicate they will increase hiring efforts over the coming months, and are unlikely to lay off workers, he said.
Money entering the industry from legislation like the CHIPS Act is also straining the construction labor supply.
