The number of job vacancies in Switzerland was approximately 12% lower in Q3 2024 than in the same quarter of the previous year, according to the Adecco Group Swiss Job Market Index.

On the other hand, the number of job offers was up 2% compared with the second quarter of 2024.

Marcel Keller, Country President of Adecco Group Switzerland, said in a press release, “Although the job index was 12% below the previous year’s value and the unemployment figure rose by more than 22,400 people compared with the previous year, there are also signs of positive development.”

“For example, the number of job vacancies did not continue to fall (quarter-on-quarter) in the third quarter,” Keller said. “In addition, in the summer, Swiss companies’ employment prospects rose once again for the first time in two years. A glance at the KOF Economic Barometer indicates that the Swiss economy is gradually recovering once again. However, this recovery is dependent on how the geopolitical situation develops.”

There are various reasons for the year-on-year fall, the Index noted. It cited slowing economic growth, meaning that companies are being more cautious about investing in construction. Since late 2022, the end of the era of low interest rates has made real estate investment more expensive, particularly for residential construction projects, the Index also noted. Furthermore, high construction material prices are driving up the cost of construction projects. These factors result in fewer new orders, less construction activity, and, ultimately, falling demand for construction specialists.

The Index showed that the number of job vacancies for construction specialists fell 7% compared with the previous year but remained at a historic high. The number of job vacancies in the construction sector has increased by 70% since 2016.

Jobs with planning and leadership roles, in particular, saw a decline in vacancies compared with the previous year. The number of job advertisements for architects and civil engineers thus fell by 17%.

Construction specialists will remain in strong demand in the future, the Index showed. According to a study conducted by the Swiss Contractors’ Association, by 2040, the mainstream construction industry will be lacking around 16% of the staff it needs, representing some 5,600 specialists.

“Rising population numbers and limited quantities of vacant dwellings will create increased demand for living space and boost construction activities. In addition, many people employed in the construction industry will be retiring soon. These factors will also further drive demand for construction specialists in the future,” Yanik Kipfer, Swiss Job Market Monitor, said.