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01-13-22 | News

Residential Building Worker Wages Up

Hourly Wages Up Amid Tight Labor Market

According to the U.S. Bureau of Labor Statistics (BLS), year-over-year percentage growth saw an 8 percent growth rate, making it the highest gain since February 2019.

According to the Bureau of Labor Statistics (BLS), the unemployment rate declined to 3.9 percent in December while average hourly earnings for residential building workers were $28.74 in November.

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Amid the tight construction labor market, workers saw a 7 percent increase in wages from a year ago when they were $26.87 an hour.

During the pandemic recession in March and April 2020, average hourly earnings for residential building workers rose 2 percent compared to the previous year. Since June 2020, average hourly earnings growth has trended up. In October 2021, the growth rate reached 8 percent, making it the highest year-over-year gain since February 2019.

https://nahbnow.com/2022/01/residential-building-worker-wages-grow-rapidly/?_ga=2.13723572.2023104552.1642013041-1450741206.1641834417

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