The number of vacancies in the construction sector rose by 2,000 in May

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   3. The number of vacancies in the construction sector rose by 2,000 in May

   
   
   

   
   

   Washington, D.C., July 3, 2024 – The construction industry had 339,000 job openings on the last day of May, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as an unfilled position for which an employer is actively hiring.

   The number of job openings in industry rose by 2,000 last month, but is 38,000 lower than in the same period last year.

   “While the number of unfilled construction positions has declined over the past year, the sector is still facing widespread labor shortages,” said Anirban Basu, ABC’s chief economist. “The 4.0% of construction jobs that went unfilled in May is a higher percentage than in the months leading up to the start of the pandemic, a time when construction workers were already in short supply. Because of these shortages, more construction workers quit in May than in any month in the past year.”

   “More than half of contractors plan to increase their workforce over the next six months, according to ABC’s Construction Confidence Index,” Basu said. “As a result of this continued intent to hire and the lack of available workers, contractors laid off just 1.8% of their workforce in May, a smaller share than in any month prior to the end of 2021.”