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 | Education
Nov 21, 2025
How the Fed’s Rate Cuts Will Impact Housing in 20262026 is likely to present the home building sector with new challenges and opportunities, many of which will be explored in a Dec. 11 webinar, “Housing Market Outlook: The Fed Resumes Rate Cuts.”
Regulations
Nov 21, 2025
NAHB Backs Trump Administration’s Proposed ESA ReformsIn a move strongly supported by NAHB, the U.S. Interior Department on Nov. 21 announced four proposed regulatory rules regarding reforms to the Endangered Species Act (ESA) that would rescind changes made during the Biden administration that have created regulatory barriers that hinder housing development and economic activity.
Latest Economic News
Economics
Nov 20, 2025
September Jobs Report Highlights a Cooling but Still Growing Labor MarketThe long-delayed September jobs report revealed that the U.S. economy added 119,000 jobs while the unemployment rate climbed to its highest level in nearly four years.
Economics
Nov 20, 2025
Existing Home Sales Rise in OctoberExisting home sales rose to an eight-month high in October as buyers took advantage of lower mortgage rates, according to the National Association of Realtors (NAR). Resale inventory improved from a year ago but remained below pre-pandemic levels.
Economics
Nov 19, 2025
Affordability Impacts: Young Adults Are Once Again Moving Back HomeThe share of young adults living with parents increased in 2024, interrupting the post-pandemic trend of moving out of parental homes.