Residential Building Wages See Fastest Growth in More Than Five Years

Residential building workers’ wage growth accelerated to 9.0% in June. This marks the fastest year-over-year (YOY) growth rate since December 2018. After a 0.3% increase in June 2023, the YOY growth rate for residential building worker wages have been trending upward over the past year. The ongoing skilled labor shortage in the construction labor market…

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Private Residential Construction Spending Falls for Second Straight Month

Private residential construction spending was down 0.3% in June, after a dip of 0.7% in the prior month, according to the Census Construction Spending data. Nevertheless, it remained 7.3% higher compared to a year ago. The monthly decline in total private construction spending for June was largely due to reduced spending on single-family construction. Spending…

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