Average hourly earnings in the construction field grew 5.7% year-over-year in June to $34.09, according to an analysis by the Associated General Contractors of America.
The increase came as the construction sector’s unemployment rate fell to its lowest rate ever for June at 3.6%.
“There was no letup in demand for construction workers in June, while the supply of available workers remained exceptionally tight,” stated Ken Simonson, AGC’s chief economist. “Both residential and nonresidential construction are expanding despite concerns about overall economic growth and inflation.”
Construction employment totaled 7.94 million in June, growing by 23,000—or 0.3%—from May.
Compared with the average hourly earnings for all private sector production employees, construction firms provided a wage premium of more than 18%, according to AGC.
“The more we expose current and future workers to the high-paying career opportunities available to them in construction, the more likely they are to pursue those careers,” AGC CEO Stephen Sandherr said in a statement.
The full AGC report can be found here.
