Caterpillar, a global leader in manufacturing and construction machinery, has announced its plans to consolidate operations by closing its hydraulic cylinder plant in Sumter, South Carolina. This strategic
Posted: June 02, 2023Categories: Business & Industry
Posted: August 03, 2022Categories: News
The recession the U.S. economy is now in is officially taking a serious toll on the construction industry. Despite a shortage of workers, companies are hiring less as it's becoming more expensive to operate. The Bureau of Labor Statistics say the construction sector experienced one of the sharpest reductions in job openings of all sectors.
According to an Associated Builders and Contractors (ABC) the construction sector had 400,000 job openings in March of this year, an increase of 60,000 jobs from the previous year.
Construction workers quit more than they were letgo by about 3% which is well above the layoffs and discharges rate of 1.6%. It's the 13th consecutive month with quits outpacing