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
Business Management
Apr 20, 2026
More Young Adults Interested in the Construction Trades, but Challenges PersistA new study conducted by the National Association of Home Builders (NAHB) reveals that more young adults between the ages of 18 and 25 are interested in the construction trades but more work needs to be done to educate the public that there are increasing opportunities for rewarding, lucrative careers in the skilled trades.
Construction Statistics
Apr 17, 2026
Single-Family Permits Decline Sharply to Start 2026Residential construction activity began 2026 on a mixed note, with single-family permitting weakening significantly while multifamily activity remained relatively stable.
Latest Economic News
Economics
Apr 20, 2026
Construction Workforce Shifts: Fewer Tradesmen, More White-Collar JobsThe long-running shift in the construction labor force away from construction trades and toward management, business, and technical roles is ongoing and gaining momentum, according to NAHB’s analysis of the latest 2024 data from the American Community Survey (ACS).
Economics
Apr 17, 2026
Count of Second Homes Declines in 2024In 2024, the number of second homes in the U.S. was 6.2 million, accounting for 4.3% of the nation’s housing stock, according to NAHB estimates. This reflects a modest decline from 2022, when the number reached 6.5 million. This decline suggests some cooling following the pandemic-era surge in second home demand.
Economics
Apr 16, 2026
Young Adults Report More Interest in the Construction Trades: 2026 SurveyNAHB estimates the U.S. has a structural housing deficit of 1.2 million units. Among the myriad of headwinds home builders face trying to close that gap is the industry’s chronic shortage of workers in the construction trades.