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
Education
May 08, 2026
Win Business with NAHB's Newest Master CredentialsCertified Master Building Professional (CMBP) and Certified Master Remodeling Professional (CMRP) are designed to set the most accomplished builders and remodelers apart from the rest.
Sponsored Content
May 07, 2026
5 Important Contributions Home Builders Don't Get Enough Credit ForThe housing affordability conversation has many villains and very few heroes. Builders rarely make either list, which is part of the problem.
Latest Economic News
Economics
May 07, 2026
Multifamily Developer Confidence Holds Steady in First QuarterThe Multifamily Production Index (MPI) had a reading of 44, unchanged year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 69, dropping 13 points year-over-year.
Economics
May 06, 2026
State-Level Employment Situation: March 2026State labor market conditions showed modest improvement in March, with job gains concentrated in several large states and the construction sector continuing to expand. However, employment declines across a number of states and mixed unemployment rate trends point to uneven momentum across regional economies.
Economics
May 06, 2026
Slight Rise for Open Construction Jobs in MarchThe number of open positions in the construction sector edged higher in March, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down measurably from three years ago due to declines in construction activity, particularly in housing.