February’s Nonresidential Construction Starts -42% M/M, +12% Y/Y, and +42% YTD
ConstructConnect announced today that February 2023’s volume of construction starts, excluding residential work, was $33.0 billion.
Chief Economist: "a marked improvement from recent months of underwhelming readings”
February’s total construction hiring added 19,000 jobs to the construction labor force from the month prior. This is a marked improvement from recent months of underwhelming readings, which averaged just 6,000 jobs between October and January.
Looking further back, the latest reading is still 4,000 jobs below the number created in the same month a year ago. The majority of the month’s jobs were created in the residential sub-trades field, which added 13,000 workers. The remaining four sub-segments of the construction industry each reported 3,000 or fewer workers added to payrolls during the month.
The average weekly construction earnings of $1,510 are a premium of $285, or 23% a week when compared to the average private-sector compensation. Image: ConstructConnect
Hourly wages and weekly hours worked continue to make construction an attractive industry. The average hourly construction wage grew slightly in February to $39.12. However, the average number of hours worked per week, recently recorded at 38.6, extends a recent decline in hours since September’s reading of 39.2.
Similarly, the average hourly wage of all private sector workers increased by 10 cents to $35.93, while weekly hours held steady at 34.1 from the prior month.
The combination of these trends amounted to average weekly construction earnings of $1,510, a premium of $285, or 23%, compared to the average private-sector compensation.
Read the Construction Economy Snapshot for more details on construction labor, trends, and regional analysis.
About ConstructConnect
At ConstructConnect, our software solutions provide the information that construction professionals need to start every project on a solid foundation. For more than 100 years, our keen insights and market intelligence have empowered commercial firms, building product manufacturers, trade contractors, and architects to make data-driven decisions, streamline preconstruction workflows, and maximize their productivity. Our newest offerings—including our comprehensive, AI-assisted software—help our clients find, bid on, and win more projects.
ConstructConnect operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000.
For more information, visit constructconnect.com.