The U.S. Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey shows the construction industry registered 370,000 job openings in August, which is up by 138,000 from July and down by 16,000 from August 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 August was 2%, and the quit rate was 1.6%.
“Construction job openings rebounded sharply in August, exhibiting the largest one-month increase on record,” said ABC Chief Economist Anirban Basu. “Much of this surge is likely due to the effects of Hurricane Beryl on July’s job openings data. Despite this bounce back, industrywide job openings are still down 19% since hitting a cyclical peak in February, a reflection of moderating activity in the face of high interest rates and economic uncertainty. Even so, labor still remains scarce, especially for certain occupations, and many contractors still intend to increase their staffing levels over the next six months, according to ABC’s Construction Confidence Index.”
