Wage growth for residential building workers continued during March, but at a slower pace than during the previous month
May 7, 2024
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Although residential building workers’ wages continue to grow during March, the pace of growth slowed from February's 6.2% year-over-year (YOY) growth rate. Wage growth rate for March was 5.1% YOY, the National Association of Home Builders' Eye On Housing reports.
According to the U.S. Bureau of Labor Statistics (BLS) report, average hourly earnings (AHE) for residential building workers* was $31.29 per hour in March. It increased 5.1% from $29.77 per hour a year ago but was lower than $31.41 per hour in February. In March, residential building workers’ wages were 14.0% higher than the manufacturing’s average hourly earnings of $27.45 per hour, 7.7% higher than transportation and warehousing ($29.04 per hour), and 13.7% lower than mining and logging ($36.25 per hour).
