JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings increased by 129,000 last month, but are down 9,000 from the same time last year.
“These data confirm the sharp decline in construction job openings in January was a statistical aberration,” said ABC chief economist Anirban Basu. “Demand for construction workers remains elevated despite fears of recession, slow implementation of America’s infrastructure rebuilding program, higher interest rates and growing concerns regarding the availability of project financing in light of recent bank failures.
Basu says the JOLTS figures also reinforce the findings from ABC's latest Construction Confidence Index, which indicate that the typical nonresidential construction firm remains in growth mode, expecting sales, employment and even profit margins to expand over the next six months.
“In the face of numerous headwinds, the resilience of the U.S. nonresidential construction industry remains remarkable,” Basu said.
