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
Jul 24, 2026
Latest Tariff Actions Add Uncertainty to Housing MarketRecent tariff developments could create more uncertainty for home builders over building material supply chains and pricing.
Economics
Jul 24, 2026
New Home Sales Edge Higher as Affordability Challenges PersistSales of newly built single-family home rose 1.6% in June to a seasonally adjusted annual rate of 628,000, up from an upwardly revised May estimate, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales is down 5.6% from a year earlier.
Latest Economic News
Economics
Jul 24, 2026
New Home Sales Edge Higher as Affordability Challenges PersistAffordability challenges continued to weigh on the new-home market in June, as elevated mortgage rates, rising inflation and broader economic uncertainty kept many prospective buyers on the sidelines.
Economics
Jul 23, 2026
Acquisitions Increasing Among Home BuildersAt the start of 2026, most home builders predicted that high mortgage rates and hesitancy among buyers would be their toughest challenges this year. They weren’t wrong: the 30-year mortgage rate averaged 6.49% in June and housing demand has weakened, as reflected by flat mortgage applications in the first half of the year.
Economics
Jul 22, 2026
What Do Home Buyers Purchase After They Move InBuying a home typically generates a wave of consumer spending beyond the purchase of the home itself. Following a home purchase, households often buy appliances and furnishings and undertake remodeling and repair projects to make the home fit their needs and preferences.