Construction industry job openings decreased by 0.1% in June 2023 from May 2023, reports the U.S. Bureau of Labor Statistics (BLS).
BLS released its monthly Job Openings and Labor Turnover report on Tuesday, which shows that construction industry job openings declined to 374,000 in June, down from 379,000 in May. Overall, U.S. job openings fell to the lowest levels in more than two years.
Associated Builders and Contractors chief economist Anirban Basu says that while construction job openings declined in June, the number of unfilled jobs remains at historic levels.
“Some will focus on the fact that construction job openings declined in June,” he adds. “But the real story is that, despite massive interest rate increases and tighter credit conditions facing developers and others that purchase construction services, the number of unfilled jobs remains so elevated by historical standards.”
Basu explains that most contractors plan to increase staffing levels over the next six months. However, contractors claim that pain points linger around the retention and recruitment of trained tradespeople.
Despite contractors’ worries about hiring, BLS reports that separation rates declined for the third consecutive month in June, while quit rates saw the third largest drop of all industries, with 51,000 fewer workers quitting in June than in May.