ABC: Record rebound in construction job openings in August

The construction industry had 370,000 job openings on the last day of August, according to an Associated Builders and Contractors (ABC) analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS).

JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting.

Industry job openings increased by 138,000 last month but are down by 16,000 from the same time last year.

“Construction job openings rebounded sharply in August, exhibiting the largest one-month increase on record,” ABC Chief Economist Anirban Basu says. “Much of this surge is likely due to the effects of Hurricane Beryl on July’s job openings data. Despite this bounceback, industrywide job openings are still down 19 percent since hitting a cyclical peak in February, a reflection of moderating activity in the face of high interest rates and economic uncertainty.

“Even so, labor … remains scarce, especially for certain occupations, and many contractors still intend to increase their staffing levels over the next six months, according to ABC’s Construction Confidence Index.”