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
Economics
Oct 19, 2026
Builder Sentiment Falls on Rising Rates
Builder confidence in the market for newly built single-family homes fell three points to 29 in October, according to the NAHB/Wells Fargo Housing Market Index (HMI) released today. The reading was the lowest since June 2012.
Safety
Oct 16, 2026
The Importance of Safety Guardrails on a Home Building Site
Join NAHB and its official safety sponsor, Builders Mutual, as we celebrate the seventh annual Guardrail Safety Week, Oct. 19-23, and be part of the difference proper guardrail use makes in protecting workers and saving lives.
Latest Economic News
Economics
Oct 16, 2026
Single-Family Permitting Declines Through August
Single-family permitting activity continued to soften through the first eight months of 2026, while multifamily permitting remained stronger compared with the same period last year.
Economics
Oct 16, 2026
Research Highlights the Broad Benefits of Homeownership
A rich, peer-reviewed academic literature finds that homeownership produces benefits that extend well beyond house-price appreciation.
Economics
Oct 15, 2026
Building Material Price Inflation Nears Four Year High
The Producer Price Index for final demand was up 1.3% in September, after rising 0.5% in August. Compared to a year ago, final demand prices were up 6.3%.