Construction Industry Job Openings Remained 60% Above Pre-Pandemic Levels in July

A deeper dive into the US Bureau of Labor Statistics’ (BLS) Job Openings and Labor Turnover Survey (JOLTS) for July, with a focus specifically on the construction industry and additional analysis provided by the Associated Builders and Contractors (ABC), reveals that the construction industry had an increase in job openings month-over-month (June–July 2022) of 22,000, which brings the total number of job openings in July to 375,000 jobs.

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

ABC and JOLTS reported that in July construction workers quit their jobs at a faster rate than they were either laid off or discharged. This marks the 17th consecutive month of quits outpacing other forms of termination.

Adding additional background and his analysis, ABC Chief Economist Anirban Basu said:

“Though we may have collectively experienced peak inflation, it is poised to remain unusually elevated for months to come. Many factors will keep prices high, including energy crises in Europe and China as well as a dearth of available skilled workers. Today’s JOLTS release is receiving considerable attention because many hoped that job openings would decrease for the second consecutive month in July. That did not come to pass.

Economywide job openings bounced back in July and remain more than 60% above pre-pandemic levels. According to ABC’s Construction Confidence Index, the share of contractors who expect to increase their staffing levels over the next half year remains elevated but has declined in recent months. As long as the supply of labor remains inadequate to meet the demand for workers, the industry will continue to experience upward wage pressures.”