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February Construction Wages Grew at the Fastest Rate in 40 Years

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Labor + Trade Relations

February Construction Wages Grew at the Fastest Rate in 40 Years

Construction firms are strengthening the labor market and working to keep construction projects on track by offering higher compensation for skilled workers


March 7, 2022
construction workers
Image: Stock.adobe.com

The construction industry added 60,000 jobs in February and recorded its fastest rate of wage growth in 40 years in an effort to accelerate residential projects and add more affordable housing to a supercharged market, Insider reports. Average hourly earnings were up 6% year-over-year in February and are rising at the fastest pace since 1982, offering a glimmer of optimism following years of labor shortages and supply chain disruptions.

Though housing affordability remains at a historic low amid heightened buyer demand, a stronger labor market could create an influx of new inventory and ease record price gains. 

"Attracting skilled labor will remain a key objective for construction firms in the coming quarters and will become more challenging as the labor market strengthens and the unemployment rate declines," NAHB researchers wrote.  

If the homebuilding sector welcomes more workers, it could relieve the housing market of affordability woes. This is because as more homes are introduced to the market, homebuyers will have to compete less for available inventory. As competition eases, home prices are likely to moderate and eventually fall. 

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