Job Openings Remain Resilient in Uncertain Times

The Bureau of Labor Statistics’ US job openings data for April poses an interesting break from the narrative that the labor market may be cooling down. From March to April there was a total increase of 358,000 job openings in the US (from 9.75 Million to 10.1 Million) along with a decrease in layoffs/discharges of over 260,000 (from 1.85 Million to 1.58 Million). The construction sector alone saw an increase in openings of 68,000, bringing the total openings for the industry to its 12-month average at 383,000. This represents a 21.6% increase in job openings from March of this year. While hiring in the construction sector saw a slight decrease of 27,000, the layoffs/discharges decreased rather significantly from 302,000 in March to only 189,000 in April. Despite the uncertainty surrounding the banking crisis, debt ceiling debate, and the ongoing labor shortages, construction industry employment and job openings remain resilient, propped up by activity in the public, high-tech, and health-related construction sectors. This supports the Dodge Construction Network forecast that 2023 construction starts growth will be more subdued compared to 2022 highs but will remain positive. As these situations develop, make sure to stay tuned to Dodge Construction Network starts to get the most up to date news on the industry’s reaction to these uncertain times.