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
Aug 24, 2026
U.S.-Canada Trade Tensions Add to Market Uncertainty
The escalating U.S.-Canada trade dispute is a setback for residential construction. Talks between the two countries collapsed last Friday, and President Trump proceeded with his threat to impose 50% tariffs on about $20 billion in Canadian goods.
IBS | Remodeling
Aug 24, 2026
Invisible Upgrades Key to Performance Goals of IBS 2027 Show Home
A full-scale reinvention of a dated, luxury home is well underway for The New American Remodel 2027. Much of the recent work has focused on changes that won't be visible once the project is finished but are critical to its lofty, high-performance goals.
Latest Economic News
Economics
Aug 24, 2026
Second Quarter 2026 Multifamily Construction Data
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts increased year-over-year during the second quarter of 2026.
Economics
Aug 24, 2026
Cost of Materials Rises, Especially for Smaller Builders
Material costs increased by 6.7% over the previous year, according to results from the survey for the July 2026 NAHB/Wells Fargo Housing Market Index (HMI).
Economics
Aug 21, 2026
State-Level Employment Situation: July 2026
The labor market continued to lose momentum in July, with total nonfarm payroll employment declining nationally and employment gains becoming more limited across states.