Compared to a year ago, average hourly earnings for residential building workers continue to rise, as the construction labor market remains tight, the National Association of Home Builders (NAHB) reported this week.
According to the Bureau of Labor Statistics (BLS) report, average hourly earnings (AHE) for residential building workers were $28.66 in February 2022, increasing 6% from $27.01 a year ago. This was 16.7% higher than the manufacturing’s average hourly earnings of $27.90, 12.9% higher than transportation and warehousing wages, and 10.8% lower than mining and logging wages.
In February, the job openings rate in construction remained elevated at 4.8% and the unemployment rate fell to 3.6% in March. As skilled labor shortage persists, rising wages may be one of the effective ways to attract employees to fill empty positions, NAHB officials said.
Average hourly earnings for residential building workers have increased significantly since the COVID-19 pandemic recession. Between December 2019 and December 2021, residential building workers’ average hourly earnings increased about 12%.
