Construction sector job gains slowed in November as firms added only 2,000 jobs, but wages for hourly employees accelerated and the number of unfilled positions reached record highs in October, the Associated General Contractors of America reported in analyzing government data released today. Association officials said the new figures indicate the slowdown in hiring is likely because of workforce shortages instead of declining need for labor.
“The steep rise in pay for craft and other hourly workers, along with an earlier report of record job openings heading into November, indicate that contractors are still struggling to find enough skilled workers,” said Ken Simonson, the association’s chief economist. “The slowdown in employment is a sign of how tight the job market is, not an indication that construction demand is lagging.”
Read more.