Contractors Hot Line is part of the Catalyst Communications Network publication family.
Contractors Hot Line is part of the Catalyst Communications Network publication family.
In a recent report by the Associated Builders and Contractors, it was revealed that the construction industry had 339,000 job openings as of the end of May, based on data from the U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS). According to JOLTS, a job opening is defined as any unfilled position actively being recruited for by an employer.
The analysis indicates a slight increase of 2,000 job openings compared to the previous month. However, this figure represents a notable decline of 38,000 job openings compared to May of the previous year. This downward trend reflects ongoing fluctuations in the labor market within the construction sector.
The construction industry continues to navigate challenges in workforce availability, impacted by various factors including economic conditions and industry-specific dynamics. As the sector adapts to changing demands and economic conditions, monitoring these job opening trends remains crucial for understanding the broader implications for both employers and job seekers alike.
“While the number of open, unfilled construction positions has declined over the past year, the industry is still faced with widespread labor shortages,” said ABC Chief Economist Anirban Basu. “The 4.0% of construction jobs that were unfilled in May is a higher rate than in the months leading up to the start of pandemic, a time when construction labor was already scarce. Because of these shortages, a higher share of construction workers quit in May than in any month over the past year.
“Over half of contractors intend to increase their staffing levels during the next six months, according to ABC’s Construction Confidence Index,” said Basu. “As a result of this ongoing intention to hire and the lack of available workers, contractors laid off just 1.8% of the workforce in May, a smaller share than in any month on record prior to late 2021.”