Median wages for construction jobs continue to excel past national median wages, according to the National Association of Home Builders. The 2019 Bureau of Labor Statistics Occupational Employment Statistics Survey found that half of payroll workers in the construction sector made more than $49,030 while the top 25% of payroll workers earned at least $68,690. To put it in perspective, the average US median wage is $39,810. National median wages are rising by rate of 3%, but construction median wages continue to rise at a rate of 3.7%.
Median wages of various construction trades rose even faster. Terrazzo workers and finishes registered a jump in median wages of over 20%. Median wages of stonemasons and tapers increased by over 7%. Roofers saw their wages rise by 5.6%. Median wages of insulation workers rose 5.4%, plasterers and stucco masons – 5%.
Wages of multiple entry-level construction trades showed rapid growth as well. Median wages of carpenters’ helpers increased by over 7%. The wage gains by brickmasons’ and roofers’ helpers averaged 6% and 5.6%, respectively.
Historically, subcontractor bids increase faster than construction wages, adding more inflationary fuel to housing prices. These findings are consistent with high labor shortages reported by NAHB causing builders to pay higher wages and subcontractor bids and forcing them to increase home prices.