The number of construction job openings across the country hit its lowest mark in the past year with 338,000 job openings on the last day of April.
Construction job openings are down by 25,000 from the same time last year and have hit the lowest level since March 2023, according to data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey.
Associated Builders and Contractors Chief Economist Anirban Basu said in a press release the demand for construction workers is weakening but that the recent decline in job openings does not signal a decline in the demand for labor.
Basu said, “More new homes were completed in the first four months of 2024 than during any four-month period dating back to 2007, and the combination of ample new-home inventory, a slumping multifamily segment and high interest rates has cut the demand for new residential construction.”
