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
Sustainability and Green Building
Sep 10, 2026
How to Use the 2025 NGBS to Build Your Business and Your Brand
As the National Green Building Standard (NGBS) becomes more widely recognized at the federal, state and local levels, it becomes an increasingly valuable tool to help home builders grow their business and engage with clients. Here’s how home builders can benefit from using the latest edition of NGBS.
Labor
Sep 09, 2026
TPS Uncertainty Remains for El Salvadoran Workers Living in the U.S.
The Trump administration’s expiration date of Sept. 9 for Temporary Protected Status (TPS) for El Salvador has been effectively continued, affecting roughly 200,000 Salvadoran TPS holders in the U.S. and further straining the construction industry’s labor shortage.
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.