The construction industry’s outlook for labor is bleak. In order to meet demand, contractors will need to hire an estimated 546,000 workers in 2023, and that’s in addition to the industry’s normal pace of hiring, according to a new analysis by Associated Builders and Contractors. In 2022, the industry averaged more than 390,000 job openings per month, the highest level on record. Construction’s unemployment rate of 4.6% for 2022 was the second lowest ever, indicating there are few construction workers seeking jobs, and therefore the pool to fill demand is shallow.
