The construction industry had 274,000 job openings on the last day of March, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings decreased by 182,000 last month and are down by 17,000 from the same time last year. “Construction job openings plunged in March, falling to the lowest level since October 2020,” said ABC Chief Economist Anirban Basu. “While there are many headwinds facing the industry, including the prospect of higher-for-longer interest rates, this dismal number likely reflects a statistical aberration rather than a legitimate decline in … Read more

Construction input prices increased 0.4% in March compared to the previous month, according to an Associated Builders and Contractors’ analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also increased 0.4% for the month. Both overall and nonresidential construction input prices are 1.7% higher than a year ago. Prices fell in all three energy subcategories last month. Natural gas prices were down 37%, while unprocessed energy materials and crude petroleum were down 6.9% and 0.8%, respectively.