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
Material Costs
Oct 16, 2026
U.S. Cuts Duties on Canadian Lumber
Following its annual review, the U.S. Department of Commerce lowered antidumping and countervailing duties on Canadian softwood lumber imports from about 35.16% to 24.75%.
Legal
Oct 15, 2026
Supreme Court Leaves New York City’s SoHo/NoHo Arts Fee in Place
The U.S. Supreme Court declined to hear a challenge to a New York City law that requires certain property owners to pay a substantial fee to convert their properties to unrestricted residential use. NAHB filed a brief urging the Supreme Court to review the case.
Latest Economic News
Economics
Oct 14, 2026
Labor Shortages a Growing Problem
Labor shortages in the home building industry are becoming more widespread, according to recent results from the NAHB/Well Fargo Housing Market Index (HMI) survey.
Economics
Oct 14, 2026
Inflation Accelerated in September
Higher energy prices pushed inflation to a four-month high in September, keeping pressure on the Fed as inflation has remained above its 2% target for more than five years.
Economics
Oct 13, 2026
Existing Home Sales Increased in September
Existing home sales rose after three months of declines as improved inventory gave buyers more negotiating power. As buyers wait for rate relief, homes are sitting on the market longer and for-sale inventory reached the highest level in over a decade.