In April 2020, total payroll employment in the United States fell by an unprecedented 20.5 million, following a loss of 1.4 million in March, as the COVID-19 pandemic brought the
As the nation’s housing stock continues to age and new homes remain out of reach for many buyers, remodeling is capturing a growing share of the residential construction market, both
Between February 2020 and June 2022, the U.S. labor market experienced the deepest downturn on record followed by the fastest recovery in at least a century. The COVID-19 pandemic disrupted
The median age of construction labor force is 42, one year older than a typical worker in the national labor force, according to NAHB analysis of the most recent 2023
Diversifying the construction labor force remains a key priority amid persistent skilled labor shortages. According to the 2023 American Community Survey, non-Hispanic White workers still account for the majority of
The share of minority-owned new residential builders and remodelers has more than doubled since the Great Recession, with noticeable gains from 2017 to 2022. Nevertheless, when compared to the overall
In August, the official, or standardly referenced, unemployment rate rose slightly to 4.3%, up from 4.2% in July. This marks the highest level in nearly four years, though it remains
In 2024, the number of women employed in the construction industry rose to around 1.34 million. Women now represent 11.2% of the construction workforce, the highest share in the past
Despite historically low self-employment rates and the rising market share of top ten builders, residential construction remains an industry dominated by independent entrepreneurs, with nearly 80% of home builders and
An earlier post described how the top 10 builders in the country captured a record 44.7% of new single-family closings in 2024. BUILDER Magazine has now released additional data on
The number of residential remodelers in the U.S. has reached a record high of 128,187 establishments, 65% higher than the number of residential builders (single-family and multifamily), which stands at
Remote work may no longer dominate the U.S. labor force as it did during the height of the pandemic in 2020, but it still represents a substantial share of employment
The top ten builders captured a record 44.7% of all new U.S. single-family home closings in 2024, up 2.4 percentage points from 2023 (42.3%). This is the highest share ever captured
The rapid rise of artificial intelligence (AI), particularly machine learning and generative AI (GenAI), is reshaping industries, creating new economic opportunities, and raising critical questions about its long-term impact on
Wage growth in construction continued to decelerate in April on a national basis, but the differences across regional markets remain stark. Nationally, average hourly earnings (AHE) in construction increased 3.6%
Half of payroll workers in construction earn more than $60,320 and the top 25% make at least $81,510, according to the latest May 2024 Bureau of Labor Statistics Occupational Employment
According to the U.S. Bureau of Labor Statistics (BLS), people who are neither working nor looking for work are counted as “not in the labor force”. Understanding the size and
As the number of housing units under construction peaked in 2023, the industry set another record employing close to 11.4 million people, including self-employed workers. NAHB estimates that out of