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
Environmental Issues | Advocacy
Sep 15, 2026
NAHB Provides Agency Official Inside Look to Inform Changes to Stormwater Permitting
NAHB members and staff provided a tour of several residential subdivisions in Northern Virginia to an official from the U.S. Small Business Administration’s (SBA) Office of Advocacy. The tour offered an opportunity to show the official how NAHB members comply with construction stormwater requirements and to discuss the federal construction general permit (CGP) for stormwater discharges from active residential land development and construction sites.
Associate Members Committee | IBS
Sep 14, 2026
Associate Members Share Their Top Networking, IBS Advice
We spoke with three Associate members about their best tips on how to network with peers virtually throughout the year, and how to network in-person at key events such as the International Builders’ Show.
Latest Economic News
Economics
Sep 11, 2026
Inflation Persisted in August
Inflation in August remained sticky as renewed tensions with Iran continued pushing up oil prices, keeping pressure on the Fed to consider a rate hike at its upcoming meeting.
Economics
Sep 10, 2026
Existing Home Sales Fall despite Improved Inventory
Existing home sales fell for the third consecutive month as record-high home prices and elevated mortgage rates weighed on buyers. Mortgage rates resumed an upward trend after the July ceasefire ended.
Economics
Sep 10, 2026
Energy Prices Rise Again in August
Residential building material prices, excluding energy, rose 0.2% in August and were up 5.1% from a year ago. Energy prices rose sharply in August, as prices for energy inputs to residential construction rose 6.6% over the month.