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 industry reported 249,000 job openings as of October 31, marking a sharp decline of nearly 40% compared to the same period last year, according to an analysis by Associated Builders and Contractors (ABC) of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS).
Job openings in the sector dropped by 9,000 from the previous month and were down by 164,000 year-over-year. JOLTS defines a job opening as any unfilled position actively being recruited by an employer.
“While JOLTS data can be volatile from month to month, especially at the industry level, the decline in unfilled construction positions is undeniable over the past few quarters,” ABC Chief Economist Anirban Basu said.
“On average, just 3.4% of industrywide positions were open over the past six months, the lowest rate since 2020.”
“Industry hiring fell to the lowest level since 2020 in October, while contractors laid off fewer workers than in any month on record,” he continued.
“With industrywide employment growth outpacing the broader economy over the past few quarters and contractors on net expecting to increase their staffing levels over next six months, according to ABC’s Construction Confidence Index, it appears that construction job openings will rise through the early months of 2025.”
The findings underscore the current challenges in the labor market while offering optimism for growth in the near term as economic conditions stabilize.