Job openings in the construction sector reached a record high for September as total spending within the industry inched up 0.4% in the same timeframe, according to analysis of U.S. Census Bureau data.
“It is encouraging that most categories of construction, including homebuilding, are growing,” said Ken Simonson, Associated General Contractors of America chief economist. “But the numbers would be even more impressive if the industry didn’t have so many unfilled job openings.”
The government report shows job openings climbed to 438,000 on September 30, a record high for the month.
Meanwhile, the industry was able to hire only 294,000 employees in the entire month, an 18% decline from September 2022. Simonson said the huge number of openings was a sign the drop in hiring was due to a dearth of applicants, not projects.
“The construction industry added jobs for the seventh consecutive month in October,” said Anirban Basu, Associated Builders and Contractors chief economist. “Over the past year, hiring has been concentrated in the nonresidential segment, with especially strong employment growth in the nonresidential building category. This is in large part due to the unprecedented surge in manufacturing megaprojects.”
Construction spending, not adjusted for inflation, totaled $1.997 trillion at a seasonally adjusted annual rate in September, 0.4% above the August rate.
Associated Builders and Contractors
