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
Membership | Economics
Sep 11, 2026
Median Revenue Flat for NAHB Builder Members in 2025
According to the most recent NAHB member census, nearly two-fifths (38%) of NAHB Builder members earned between $1 million and $5 million in total revenue in 2025.
Education | Education at IBS
Sep 10, 2026
13 IBS Education Presentation Replays Now Available
To help industry professionals stay ahead of residential construction trends and bring actionable ideas to their businesses, NAHB is offering members exclusive access to the most valuable IBS Education sessions from the 2026 show.
Latest Economic News
Economics
Sep 10, 2026
Energy Prices Rise Again in August
Residential building material prices, excluding energy, rose 0.2% in August and were up 5.1% from a year ago. Energy prices rose sharply in August, as prices for energy inputs to residential construction rose 6.6% over the month.
Economics
Sep 09, 2026
Mortgage Applications Decline for Sixth Straight Month in August
Mortgage application activity continued to decline in August as elevated US treasury yields pushed mortgage rates higher. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, declined 3.2% month-over-month in August on a seasonally adjusted basis, marking the sixth consecutive monthly decline.
Economics
Sep 09, 2026
Who Are NAHB’s Builder Members?
The National Association of Home Builders (NAHB) conducts an annual census to better understand the composition and characteristics of its members. In 2025, 35% of NAHB’s membership was comprised of builder members—single-family and multifamily builders, residential and commercial remodelers, commercial builders, land developers, and manufacturers of modular/panelized/log homes.