The construction industry had just 276,000 job openings on the last day of November 2024, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. Industry job openings increased by 17,000 last month but are down by 178,000 from the same time last year.
Key points
Job openings:
- 276,000 job openings in the construction industry as of November 2024.
- Increase of 17,000 openings from the previous month, but a decrease of 178,000 compared to the previous year.
Hiring rates:
- Hiring fell to the second-slowest rate on record in November 2024.
- The slowest rate previously recorded was during April 2020, amid pandemic-induced stagnation.
Labor turnover:
- Layoffs and quit rates remained near historical lows, indicating stability in employment.
Contractor expectations:
- More than 50% of contractors anticipate increasing staffing levels in the next six months.
- Less than 10% expect to decrease their workforce, suggesting potential hiring rebounds.
“Construction hiring fell to the second-slowest rate on record in November 2024,” says ABC Chief Economist Anirban Basu. “That’s especially meaningful given that the slowest rate occurred in April 2020 as the pandemic brought construction activity to a standstill. At the same time, the rates at which workers were laid off or quit also remained near historical lows, suggesting that both contractors and their employees were in a wait-and-see mode in November.
“Despite this relative stasis, industrywide job openings increased in November, rising to the highest level since August,” says Basu. “More than half of contractors expect to increase their staffing levels over the next six months, according to ABC’s Construction Confidence Index, while fewer than 10% expect to decrease them, a sign that hiring may rebound from the recent lull in the coming months.”
