A recent hiring report shows a significant decline in open construction jobs, with job openings dropping by 40% year-over-year. The Bureau of Labor Statistics data revealed that construction job openings increased by 17,000 from October to November, reaching 276,000 by the end of November. However, the November figure still represented a steep drop compared to the same period in 2023.

"That’s especially meaningful given that the slowest rate occurred in April 2020 as the pandemic brought construction activity to a standstill," said Anirban Basu, chief economist for Associated Builders and Contractors. "At the same time, the rates at which workers were laid off or quit also remained near historical lows, suggesting that both contractors and their employees were in a wait-and-see mode in November."

Despite this, the report indicated that the construction sector is facing workforce challenges, as contractors continue to struggle with hiring qualified workers. "While the industry is still adding jobs, growth has slowed significantly," said Macrina Wilkins, senior research analyst for the Associated General Contractors of America. "This decline underscores ongoing workforce challenges and likely reflects increasing uncertainty about what 2025 will bring."