Residential Building Wages Continue to Increase
According to the Bureau of Labor Statistics, average hourly earnings for residential building workers was $30.71 per hour in November 2023, increasing 4% from $29.52 per hour a year ago. This was 14.1% higher than the manufacturing industry’s average hourly earnings of $26.91 per hour, 8.9% higher than transportation and warehousing ($28.19 per hour), and 12% lower than mining and logging ($34.91 per hour).
Overall, average hourly earnings for residential building workers increased at a relatively slower pace in the past year, compared to the peak rate of 8% in October 2021. Wage growth has been below 4% in the past 12 months, decelerating to 0.6% in June 2023. November’s acceleration in wage growth reflects an imbalance in the construction labor market. Demand for construction labor remained strong.
Jing Fu, NAHB director of forecasting and analysis, provides more details 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.