The U.S. Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey shows the construction industry registered 374,000 job openings in June, which is down by 5,000 from May and by 9,000 from June 2022, according to Associated Builders and Contractors. The survey defines a job opening as any unfilled position for which an employer is actively recruiting.
Construction workers quit at a faster rate than they were laid off or discharged; the quit rate in June was 2%, and the layoff/discharge rate was 1.8%.
“Some will focus on the fact that construction job openings declined in June,” said ABC Chief Economist Anirban Basu. “But the real story is that, despite massive interest rate increases and tighter credit conditions facing developers and others that purchase construction services, the number of unfilled jobs remains so elevated by historical standards. With a plurality of contractors indicating that they intend to increase staffing levels over the next six months, according to ABC’s Construction Confidence Index, many will continue to report that their leading challenge is the retention and recruitment of highly trained construction craftspeople.”
