Real and nominal wage growth for residential building workers slowed during the second quarter, according to an analysis of Bureau of Labor Statistics data published by the National Association of Home Builders (NAHB).
The new data analysis determined that the average hourly earnings for residential building workers rose to $39.35 in June, up 3.5% increase from the $38.02 level recorded one year ago. NAHB noted the latest figure “marks a continued deceleration in the year-over-year wage growth, which peaked at 9.3% in June 2024.”
Furthermore, the wage slowdown was seen as mirroring the slowdown in residential construction activity. This, in turn, contributed to a decline in labor within the sector, which also created a greater number of open and unfilled construction jobs.
“Despite the slowdown in wage growth,” NAHB added, “residential building workers’ wages remain competitive: 11.4% higher than the manufacturing sector ($35.32/hour); 25.3% higher than the transportation and warehousing sector ($31.4/hour); 2.3% lower than the mining and logging sector ($40.29/hour).”
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