Hiring in the construction industry slowed down in February, with the number of unfilled jobs rising by 9% month-over-month.
As economic conditions remain a challenge for many industries, the construction industry has seen hiring slow in the beginning of the year. According to Construction Dive, the construction industry had 264,000 unfilled jobs in February, which is 9% more than in January but 38.5% fewer than in February 2024. Layoffs, on the other hand, dropped 27% year-over-year in February, with the layoff rate hitting a record low of 1.7% for the month. At the same time, the number of workers who quit rose by 17,000 in February, continuing an upward trend for the second month in a row.
“Contractors are clearly scaling back on hiring and new job postings — likely reflecting fewer upcoming projects or increased caution about the economic outlook,” [Macrina Wilkins, senior research analyst for the Associated General Contractors of America] said. “Yet the record-low layoff rate suggests that firms are holding onto their current workforce, signaling they expect business to rebound or pick up later in the year.”Read more
