{"id":19389,"date":"2023-07-11T07:24:48","date_gmt":"2023-07-11T14:24:48","guid":{"rendered":"https:\/\/essential.construction\/news\/workers-wield-more-power-as-job-openings-increase\/"},"modified":"2023-07-11T07:24:49","modified_gmt":"2023-07-11T14:24:49","slug":"workers-wield-more-power-as-job-openings-increase","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/workers-wield-more-power-as-job-openings-increase\/","title":{"rendered":"Workers wield more power as job openings increase"},"content":{"rendered":"<p> [ad_1]<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 U.S. construction industry had 366,000 job openings in May, up 19,000 or 5.5% from April, according to seasonally adjusted data from the <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.bls.gov\/news.release\/jolts.nr0.htm\" target=\"_blank\"><span><span><span><span><span><span><span><span>Bureau of Labor Statistics<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> released July 6.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span><span><span><span><span><span>That meant about 4.4% of construction jobs went unfilled. However, BLS recorded 26,000 fewer job openings compared to May 2022. The report counts unfilled positions employers currently seek to staff.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span><span><span><span><span><span>\u201cToday\u2019s JOLTS data confirm that labor shortages remain firmly in place,\u201d said Anirban Basu, chief economist for Associated Builders and Contractors, <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.abc.org\/News-Media\/News-Releases\/entryid\/20013\/construction-job-openings-increased-by-19000-in-may-to-366000-says-abc\" target=\"_blank\"><span><span><span><span><span><span><span><span>in a release about the report<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span>. \u201cThis shortfall has shifted leverage to workers.\u201d<\/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>In May, contractors laid off 1.5% of their employees \u2014 the lowest rate in 12 months and fourth-lowest on record, Basu said in the release. Meanwhile, 2.9% of construction workers quit in May, the highest since last August, according to Basu.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>That\u2019s contributed to workers wielding more power in the job market, a trend which Basu predicts will persist for a few months. Surveys of ABC members indicate contractors intend to increase staffing levels through the rest of the year.\u00a0\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cThe combination of high interest rates and tight credit conditions will eventually drag down demand for construction services, but until that time the industry will continue to be defined by worker scarcity,\u201d Basu said in the release.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.constructiondive.com\/news\/job-openings-construction-worker-shortage-interest-rates\/685965\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Dive Brief: The U.S. construction industry had 366,000 job openings in May, up 19,000 or 5.5% from April, according &#8230; <a title=\"Workers wield more power as job openings increase\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/workers-wield-more-power-as-job-openings-increase\/\" aria-label=\"Read more about Workers wield more power as job openings increase\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":19390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[457],"tags":[],"class_list":["post-19389","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/19389","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=19389"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/19389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media\/19390"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=19389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=19389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=19389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}