Job openings continue to increase in the construction industry, according to the latest Job Openings and Labor Turnover Survey (JOLTS) from the U.S. Bureau of Labor Statistics. The construction industry had 396,000 job openings in March 2022 (seasonably adjusted), according to an Associated Builders and Contractors analysis of the BLS data. Industry job openings increased by 13,000 in March and are up 60,000 from the same time last year.
When you consider that electrical contractors historically account for 13% of construction employment, that means job opening for them in March were running at a 3-month average rate of 50,353, up +3.3% over February and +30.3% over March 2021.
“The March JOLTS data reflect a labor market that continues to be strong and an economy that continues to have forward momentum,” said ABC Chief Economist Anirban Basu in the press release. “Despite evidence of project postponements due to elevated costs of delivering construction services, including sky-high materials costs, demand for workers continues to rise. “The construction industry faces a severe skilled worker shortage of 650,000 in 2022, and it’s likely that construction wages will continue to grow at above-average rates as contractors compete for talent. That will drive the cost of delivering construction services even higher during the months ahead.”