Construction wages are still overwhelmingly competitive, although the pace of pay increases appears to have slowed down, according to a new report.
The Bureau of Labor Statistics has compiled numbers for the third quarter of this year ending in September showing that wages and salaries overall in construction were up by 1.1% as of September 30.
That figure was down by 4.7% from the same quarter period in 2022.
Those statistics, noted the BLS report, comport with overall national trends: “Wages and salaries increased 4.8% for the 12-month period ending in September 2023 and increased 4.4% from a year ago.”
Combining all construction wages, salaries, and benefits saw the industry with a 0.8% increase in the third quarter of this year, compared with a substantially stronger 4.4% increase a year ago for the same three months.
According to statistics compiled by the Associated Builders and Contractors, the average hourly earnings for construction workers as of last month came in at an even $37. In October of 2022, that figure stood at $35.25.
Overall, construction industry wages have been on a clear upward ride for well over a decade now. During the depths of the Great Recession in 2010, the figure stood at $25.12.
By Garry Boulard
