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
Mar 13, 2026
NAHB Commends President Trump’s Executive Orders on HousingNAHB Chairman Bill Owens issued the following statement after President Trump announced today’s executive orders on housing.
Workforce Development | HBA
Mar 13, 2026
New Training Center Strengthens Florida HBA’s 50-Year Apprenticeship ProgramSince 1973, the Northeast Florida Builders Association’s Apprenticeship Program has trained more than 2,500 skilled trades professionals for careers in residential construction.
Latest Economic News
Economics
Mar 12, 2026
Single-Family Starts Remain Soft in January on Affordability ConcernsElevated construction costs and constrained affordability conditions led to a reduction in single-family housing starts in January.
Economics
Mar 11, 2026
Inflation Steady Before WarAfter months of downward trend, inflation held steady at an eight-month low in February. This report does not reflect the recent surge in oil prices due to Iran conflict beginning February 28. Higher oil prices will likely translate into higher gasoline costs and impact other sectors associated with transportation including airline tickets.
Economics
Mar 11, 2026
Single-Family Permits End 2025 on a Soft NoteSingle-family permitting softened over the course of 2025 and finished the year weaker than the prior year. After showing some resilience in 2024, permitting activity gradually lost momentum as elevated mortgage rates and ongoing affordability constraints weighed on buyer demand.