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\u201cAcross all industries, job openings are now at the lowest level since March 2021 and the rate at which workers are quitting their jobs has returned to the pre-pandemic norm,\u201d said Basu. \u201cUnfortunately, the demand for construction workers remains elevated relative to supply.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n As inflation takes its toll on consumers and higher interest rates weaken growth, the high demand in the labor market should continue to cool down, Basu said.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span>ABC members continue to indicate they will increase hiring efforts over the coming months, and are unlikely to lay off workers, he said.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n Money entering the industry from legislation like the CHIPS Act is also straining the construction labor supply.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n Even as <\/span><\/span><\/span><\/span><\/span><\/span>billions flow into the U.S. manufacturing sector<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a>, the number of available skilled workers directly impacts the bottom line and schedule of major projects. In states like Arizona, New York, Ohio and Texas where multiple megaprojects have recently broken ground, contractors find themselves competing for the same skilled workers required to deliver a multibillion-dollar plant.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u201cAnd I emphasize the word skilled because this is not an ordinary form of construction, this is precision construction,\u201d Basu told Construction Dive earlier this month. \u201cYou really need a very skilled workforce, and we just don\u2019t have enough of those people.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n