Contractors Hot Line is part of the Catalyst Communications Network publication family.
Contractors Hot Line is part of the Catalyst Communications Network publication family.
The construction sector saw a sharp decline in job openings in June, with the number of unfilled positions falling to 295,000, according to an Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS).
The data reveals a decrease of 71,000 job openings from the previous month and a year-over-year drop of 119,000 positions. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting.
“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.”