by Olevia Sharbaugh Starkey, Economist at Dodge Construction Network
The Job Openings and Labor Turnover survey released by the Bureau of Labor Statistics for November of 2024 shows an increase of 3% from October to 8.09 million US job openings. October also experienced an increase in total openings, rising 6% from the previous month. Though this is good news in the current economic climate, it still represents a decline of 9% from November of 2023 and a 24% decline from November 2022. However, this is no cause for alarm as the number of openings in 2021 and 2022 was much higher than usual as the economy adjusted for a burst in activity after the COVID-19 pandemic. The number of openings appears to have settled back down to the historical trend.
Construction job openings have also experienced growth for the past two months, rising 0.4% in October and 7% in November. The November total of 276,000 total construction job openings represents a 39% decrease from the same month in 2023. This indicates that the construction industry has also adjusted from the post-pandemic boom and is now attempting to find a new normal. This search could be made more difficult as the uncertainty surrounding immigration policy begins to work its way through the market. Given that 30% of the construction labor force is made up of immigrants, according to the National Immigration Forum, this industry could continue to face labor challenges in the future.
As these trends continue to develop, stay tuned to Dodge Construction Network starts for a real-time look at how they affect construction activity.
Data Source: https://www.bls.gov/jlt/