The construction industry posted 295,000 job openings on the last day of June, 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). This marked a decrease of 71,000 from the previous month and a drop of 119,000 from the previous year.
“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,” said Basu. “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.”
To see the Construction Confidence Index, visit https://www.abc.org/News-Media/News-Releases/abcs-construction-backlog-indicator-inched-higher-in-june-contractors-remain-confident.
