Residential Building Worker Wages Grow Rapidly
Average hourly earnings for residential building workers have been growing fast recently, driven by the tightening construction labor market.
Last Friday, the Bureau of Labor Statistics (BLS) reported that the unemployment rate declined to 3.9% in December, the lowest rate since the pandemic. According to the BLS report, average hourly earnings for residential building workers were $28.74 in November 2021 — an increase of 7% from $26.87 a year ago.
During the COVID-19 pandemic recession in March and April 2020, average hourly earnings for residential building workers rose about 2% compared to the prior year. Since June 2020, average hourly earnings’ year-over-year growth rates for residential building workers have trended higher. In October 2021, the growth rate reached 8% — the highest year-over-year gain since February 2019.
Jing Fu, NAHB director of forecasting and analysis, provides more in this Eye on Housing post.
Latest from NAHBNow
Advocacy
Jun 29, 2026
From Builder to Elected Official: How to Run for Office with ConfidenceNAHB’s election guidebook program can help NAHB members and industry leaders who are thinking about running for office lead effective state or local campaigns.
Land Development
Jun 26, 2026
New NAHB Guide Addresses One of the Biggest Barriers to Missing Middle Housing: FinancingNAHB has released a new guide on financing missing middle housing. The guide is designed to help builders, developers and lenders better understand why these projects often struggle to secure financing and what can be done to close the gap.
Latest Economic News
Economics
Jun 26, 2026
Property Tax Revenue Leads State and Local Tax Growth in Q1 2026Property tax revenue collected by state and local governments was higher in the first quarter of 2026 according to the Census Bureau’s quarterly summary of state and local tax revenue.
Economics
Jun 25, 2026
State-Level Economic Growth Strengthened in the First Quarter of 2026State economic growth strengthened in the first quarter of 2026, with real GDP increasing in 46 states and the District of Columbia. According to the Bureau of Economic Analysis (BEA), state-level growth rates ranged from a 4.5% annualized increase in Washington to a 1.6% decline in South Dakota, while Delaware’s economy was essentially unchanged during the quarter.
Economics
Jun 25, 2026
PCE Inflation Hits 3-Years High in MayAs the Iran conflict pushed up energy prices, the Personal Consumption Expenditures (PCE) Price Index—the Federal Reserve’s preferred inflation gauge—accelerated to a three-year high in May.