US construction job openings fall in June
31 July 2024
US Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) showed industry job openings dropped by 71,000 to 295,000.
The JOLTS data defines a job opening as any unfilled positions for which an employer is actively recruiting.
The US-based Associated Builders and Contractors (ABC) – a national trade association representing the non-union construction industry – said the 295,000 openings were the lowest figure since March 2023.
In ABC’s analysis, the association’s chief economist, Anirban Basu, suggested the acute decline was due to a cyclical homebuilding market.
“More new housing units were completed in June than in any month since January 2007, and high interest rates have weighed on homebuilders’ backlogs,” said Basu.
Skilled-labour shortage not letting up
Despite the dip, Basu said a consistently strong non-residential market will keep labour demands high.
“Non-residential construction retains momentum due to strength in certain segments like manufacturing and infrastructure, and that should keep the demand for labour elevated,” he said.
“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,” added Basu.
