The U.S. Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey shows the construction industry registered 295,000 job openings in June, which is down by 71,000 from May and down by 119,000 from June 2023, 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 were laid off at a faster rate than they quit; the layoff/discharge rate in June was 1.6%, and the quit rate was 1.5%.
“Construction industry job openings plunged to the lowest level since March 2023,” said 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.
“Nonresidential construction retains momentum due to strength in certain segments like manufacturing and infrastructure, and that should keep the demand for labor elevated,” Basu continued. “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.”
