Construction Job Openings Fall to Lowest Level Since March 2023
Washington, D.C., July 31, 2024-The construction industry had 295,000 job openings on the last day of June, a decrease of 71,000 from the previous month, according to an Associated Builders and Contractors (ABC) analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS).
“Construction industry job openings plunged to the lowest level since March 2023,” says ABC chief economist Anirban Basu. “This sharp decline is at least partially due to cyclical factors and slowing activity in the residential sector. More new housing units were completed in June than in any month since January 2007, and high interest rates have weighed on homebuilders’ backlogs."
June's number of related job openings is down 119,000 from the same time last year. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting.
“Nonresidential construction retains momentum due to strength in certain segments like manufacturing and infrastructure, and that should keep the demand for labor elevated,” Basu continues. “A majority of contractors intend to increase their staffing levels over the next six months, according to ABC’s Construction Confidence Index, while fewer than 9% of contractors expect their staffing levels to decrease over that span.”