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.

 

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.

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