Lot values for single-family detached spec homes continued to rise, with national values reaching a new high in 2023, according to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data. The U.S. median lot value for single family detached for-sale homes started in…
Close to two thirds (65%) of new single-family detached homes sold in 2023 were built on lots under 9,000 square feet, which is less than 1/5 of an acre. According to the latest Survey of Construction (SOC), this is the highest share on record and…
According to the latest 2022 ACS, 11.2 million people, including self-employed workers, worked in construction in 2022. NAHB estimates that out of this total, 4.7 million people worked in residential construction, accounting for 2.9% of the US employed civilian labor force. Home building in the…
Close to 23% (or over 2.5 million) of workers employed in construction are self-employed, according to the 2022 American Community Survey (ACS). As industry payrolls expanded in 2022, the share of self-employed inched down. However, the share remained higher than it was in 2019, before…
Reflecting persistent long-term labor challenges, wages in construction continue to rise, often outpacing and exceeding typical earnings in other industries. Not seasonally adjusted (NSA) average hourly earnings (AHE) in construction increased 5% since a year ago and approached the $38 mark in March 2024, according…
Half of payroll workers in construction earn more than $58,500 and the top 25% make at least $79,450, according to the latest May 2023 Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB). In…
As we reported earlier, immigrants make one in four construction workers. The share is significantly higher (31%) among construction tradesmen. In some states, reliance on foreign-born labor is particularly evident, with immigrants comprising 40% of the construction workforce in California and Texas. Supported by a…
