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For a third sequential month the level of total construction hiring accelerated, as reported in the ConstructConnect Construction Economy Snapshot. The total number of US construction jobs increased by 25,000 in July, representing a 130% increase over the level of construction jobs growth in the same month one year ago and a 25% increase from a month ago.
July’s results mark the fifth time this year that all categories of construction employment simultaneously climbed higher.
The latest total construction gains were widespread, led by nonresidential building sub-trades (+11,000) and followed by residential sub-trades (+7,000) and Engineering/Civil (+3,000).
Although construction job gains have accelerated in recent months, hourly earnings growth continues to slow from its 6% annualized growth peak in late 2022. Since that peak, year-on-year earnings growth has steadily trended lower, with July’s reading of 4.3% marking the slowest YoY growth in wages since September 2021. However, when looking back over the last 20 years, today’s wage growth rate remains well above the long-run average of 3.0%.
Read the Construction Economy Snapshot for more details, including regional starts, trend graphs, and analysis.
About ConstructConnect
Construction Starts Here™ at ConstructConnect, where our mission is to help the construction industry start every project on a solid foundation. A leading provider of software solutions for the preconstruction industry, ConstructConnect empowers commercial construction firms to streamline their workflows and maximize productivity. ConstructConnect operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000.
