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
Awards | Membership | Associate Members Committee
Sep 08, 2026
How Winning an Associate Award Can Benefit You and Your Business
Every year, NAHB honors its top two Associate members for their achievements and essential work in the field with two awards: Associate of the Year and Associate Advocate of BUILD-PAC.
Economics
Sep 08, 2026
How Are Rising Costs Impacting the Cost of Single-Family Homes?
The housing industry is experiencing elevated costs across the board — from land to labor and building materials. NAHB’s Economics team is in the process of measuring how these rising costs impact the cost to build single-family homes. And we need your help.
Latest Economic News
Economics
Sep 08, 2026
Single-Family Home Construction Time Declines in 2025
Building a new single-family home took less time in 2025 compared to the previous three years. On average, it now takes 8.8 months from start to finish. That time includes 1.4 months for authorization to start construction and another 7.4 months to finish construction.
Economics
Sep 07, 2026
Shorter Apartment Construction Time in 2025
The average time needed to complete construction of a multifamily building after obtaining authorization edged down in 2025, according to the 2025 Survey of Construction (SOC) from the Census Bureau.
Economics
Sep 04, 2026
Beating Expectations: U.S. Economy Adds 162,000 Jobs in August
The U.S. labor market rebounded in August, with nonfarm payrolls increasing by 162,000 and upward revisions adding 55,000 jobs to June and July. The unemployment rate held steady at 4.1%, as both employment and the labor force participation rate rose over the month.