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
Safety
Jun 05, 2026
NAHB Completes Fall Prevention Training Pilot Program at 20 HBAs Across U.S.NAHB, the Job-Site Safety Institute (JSI), and the National Housing Endowment (NHE) are proud to announce the successful completion of the Fall Prevention Training Pilot Program.
Economics
Jun 04, 2026
U.S. House Price Appreciation Slows from Rapid Pandemic-era PaceHigher mortgage rates, persistent affordability challenges and softer demand weighed on price growth nationally. Local market conditions varied, with some states and metro areas seeing solid gains while others saw declining or flattening house prices.
Latest Economic News
Economics
Jun 05, 2026
U.S. Labor Market Remains Resilient in MayDespite rising inflation and ongoing economic uncertainty, the U.S. labor market remained resilient in May. Nonfarm payrolls increased for the third consecutive month, and the unemployment rate held steady at 4.3%.
Economics
Jun 04, 2026
Mortgage Rates Increase Further as Inflation Remains ElevatedMortgage rates continued to increase in May as inflation accelerated. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.41% in May, up 7 basis points (bps) over April.
Economics
Jun 04, 2026
Highest Paid Occupations in Construction in 2025The median wage of payroll workers in construction was $61,370 in 2025, with the top 25% earning at least $83,480. In comparison, the U.S. median annual wage was $50,980, while workers in the top quartile (the highest paid 25%) earned at least $80,520.