Paychex’s Post

🔨 #Construction continues to lead industry wage growth The Construction industry recorded its seventh consecutive month leading industries in hourly earnings growth (3.78%), weekly earnings growth (4.05%), and weekly hours worked growth (0.34%) in May. Construction also ranked third among the industry sectors analyzed for its pace of small business job growth (101.12). Associated Builders and Contractors For more of the latest wage and employment findings impacting Construction and other sectors, read the latest report at the link in the comments. #SmallBusiness #EmploymentTrends #JobGrowth #ConstructionJobs

Construction News: Construction site wages were down by an average of 0.7% in the last quarter of 2023, according to the Building Cost Information Service (BICS). #constructionnews #construction #businessnews

Good news for some! Construction site wages in the first quarter of 2024 were 7% higher than a year before, according to the Hays/BCIS Site Wage Cost Indices. Read here: https://lnkd.in/eSmrN5gf #civilengineer #digitalengineer #digitaltransformation #industryfour #engineer #engineering #structuralengineer #CADS

The foundation of the construction industry is the people, the craft workers, who are on the job every day. More than 10.7 million people were employed in craft roles in 2023 with the demand continuing to grow. The unemployment rate in the construction industry fluctuates monthly, and in December 2023 the rate was 4.4 percent, which is higher than the national unemployment rate of 3.7 https://lnkd.in/gUn2x6nU

Hourly wages increased by 0.7% in Q3 2023. In general, construction employment wages per hour have continued to rise with Q4 2022 being the lone exception in almost three years. Learn more in CBRE's latest U.S. Construction Market Trends report: https://cbre.co/48z0zHa

Average hourly earnings for production and nonsupervisory employees in US construction has jumped by 4.6% over the year to reach $35.64 an hour. That’s according to figures from Associated General Contractors of America (AGC), which found that construction companies in June provided a wage “premium” of nearly 19% compared to the average earnings for all private-sector production employees. More can be viewed in this link: https://lnkd.in/gunJcz76

This factor is increasingly cited as the limiter in #cre deveopment, as materials costs flatten. Tenants balk at proforma first gen rents, as they continue to rise, due to labor factor. This creates a ceiling on inventory growth. Bullish for existing buildings, as it should fuel rent growth. Limited AAA/AA inventory+barrier to new development+tenant demand for quality=? (Hint: not lower rent)

Labor wage costs continue to trend upwards. Read more in our latest U.S. Construction Market Trends report: https://lnkd.in/gikY4dEi Daniel Richardson Omar ElSingergy Nicolas McNamara

The foundation of the construction industry is the people, the craft workers, who are on the job every day. More than 10.7 million people were employed in craft roles in 2023 with the demand continuing to grow. The unemployment rate in the construction industry fluctuates monthly, and in December 2023 the rate was 4.4 percent, which is higher than the national unemployment rate of 3.7 https://lnkd.in/gTAsZYcz

Construction site wages in the first quarter of 2024 were 7% higher than a year before, according to the Hays/BCIS Site Wage Cost Indices. Data analysed by the Building Cost Information Service, show that average wages were up by 7% on the year in Q1 and by 1.6% on the previous quarter (Q4 2023).