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
Nov 13, 2026
Podcast: Mayor Touts Housing as Foundation of Memphis Growth Strategy
On the latest episode of NAHB’s podcast, Housing Developments, COO Paul Lopez and guest host Karl Eckhart, NAHB VP of State and Local Government Affairs, welcome Mayor Paul Young of Memphis, Tenn.
Sponsored Content
Nov 12, 2026
What's Really Stalling Buyers, and the Sales You're Leaving on the Table
Buyers need enough money left over each month to live comfortably. And builders need enough margin and capital left over to keep building. Understanding the buyers' needs is essential to protecting your business.
Latest Economic News
Economics
Nov 13, 2026
Building Material Price Inflation Remains High Despite Energy Price Declines
The Producer Price Index for final demand was up 0.3% in October, after rising 1.4% in September. Compared to a year ago, final demand prices were up 6.5%.
Economics
Nov 13, 2026
No Relief: Credit Conditions for Builders Still Tightening
Credit conditions on loans for residential Land Acquisition, Development & Construction (AD&C) were still tightening in the third quarter of 2026, according to NAHB’s quarterly survey on AD&C Financing. The net easing index derived from the survey posted a third-quarter reading of -15.3 (the negative number indicating net tightening).
Economics
Nov 12, 2026
Existing Home Sales Fell to 16-Year Low
After a brief rebound last month, existing home sales plummeted to a 16-year low in October. With mortgage rates back above 7% since mid-September and home prices still elevated, buyers continued to stay on the sidelines.