{"id":14004,"date":"2023-03-10T00:57:27","date_gmt":"2023-03-10T08:57:27","guid":{"rendered":"https:\/\/essential.construction\/news\/half-of-constructions-job-openings-vanish\/"},"modified":"2023-03-10T00:57:27","modified_gmt":"2023-03-10T08:57:27","slug":"half-of-constructions-job-openings-vanish","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/half-of-constructions-job-openings-vanish\/","title":{"rendered":"Half of construction\u2019s job openings vanish"},"content":{"rendered":"<p> <a href=\"https:\/\/essential.construction\/files\/membership-default-internal\/\" class=\"memberhide\"><img decoding=\"async\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2023\/01\/20220718_175041000_iOS.jpg\" alt=\"-\"><\/a><br\/><br \/>\n<\/p>\n<div>\n<h3 class=\"standard-heading\"><span><span><span><span><span><span>Dive Brief:<\/span><\/span><\/span><\/span><\/span><\/span><\/h3>\n<ul>\n<li><span><span><span><span><span><span>The number of construction job openings in January plummeted by 240,000, a result dubbed \u201csimply shocking,\u201d by Associated Builders and Contractors\u2019 Chief Economist Anirban Basu.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><a rel=\"nofollow noopener\" href=\"https:\/\/www.abc.org\/News-Media\/News-Releases\/entryid\/19847\/abc-construction-job-openings-plummet-by-a-shocking-240000-in-january\" target=\"_blank\"><span><span><span><span><span><span><span><span>ABC\u2019s monthly analysis<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> of the Bureau of Labor Statistics data indicated there were 248,000 unfilled construction jobs in January, a sharp, 50% drop from the month before and 148,000 jobs below the same time last year.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span><span><span><span><span><span>Basu even questioned the accuracy of the numbers. \u201cWhile this construction job openings number is likely to be revised or at least eventually viewed as aberrational as new data arrive, there are likely some construction segments that have substantially slowed their pace of hiring,\u201d said Basu.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<\/ul>\n<h3 class=\"standard-heading\"><span><span><span><span><span><span>Dive Insight:<\/span><\/span><\/span><\/span><\/span><\/span><\/h3>\n<p><span><span><span><span><span><span>The total number of open jobs in the U.S. hit 10.8 million in January, Basu reported, indicating there were more job openings than unemployed Americans. But as those numbers remained lofty, construction\u2019s plummeted \u2014 nearly half of all job openings vanished in a month.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cIn a nation that is set to rebuild much of its infrastructure and is operating in the megaproject era, including the construction of manufacturing facilities for computer chips, inputs to growing alternative energy industries and electric vehicles, today\u2019s numbers seemingly defy credulity,\u201d said Basu.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<figure class=\"inside_story\">\n<div class=\"figure_content\">\n<div><\/div>\n<\/div><figcaption class=\"inside_story_caption\">\n<p>Optional Caption<\/p>\n<p>Courtesy of Associated Builders and Contractors<\/p>\n<p>\u00a0<\/p>\n<\/figcaption><\/figure>\n<p><span><span><span><span><span><span>But the head-scratching data isn\u2019t without some possible explanations.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Specifically, Basu called attention to the BLS data not differentiating between residential and nonresidential numbers. So, \u201cwhile many nonresidential contractors continue to report lengthy backlog and numerous open jobs, the single-family homebuilding segment has entered a period of significant retrenchment,\u201d he said.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Finally, indications from the Federal Reserve point to further hiking of interest rates and for that elevation to stick around longer than previously thought, which could further dry the well of job openings.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5143531171910809\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- News - Bottom -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5143531171910809\"\r\n     data-ad-slot=\"8320848692\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.constructiondive.com\/news\/nearly-half-constructions-job-openings-vanish-report\/644511\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dive Brief: The number of construction job openings in January plummeted by 240,000, a result dubbed \u201csimply shocking,\u201d by Associated &#8230; <a title=\"Half of construction\u2019s job openings vanish\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/half-of-constructions-job-openings-vanish\/\" aria-label=\"Read more about Half of construction\u2019s job openings vanish\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[457],"tags":[],"class_list":["post-14004","post","type-post","status-publish","format-standard","hentry","category-construction-dive","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/14004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=14004"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/14004\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=14004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=14004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=14004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}