Residential Remuneration

dumptruckResidential construction employment rose by 8,500 in May and by 149,000 over the past year. The steepest annual wage growth among construction workers was for heavy and civil engineering construction at 5.1%, next came residential building at 4.8%. Moreover, the number of unemployed jobseekers last working in construction is just 569,000, the lowest May total since 2005 and at an unemployment rate of 6.7%, the lowest May rate since 2006.

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  1. Elliot, couldn’t agree more. Not only are construction employee costs skyrocketing, supplies are as well. Concrete, wood, even nails are driving up costs to buyers both residential and commercial.

    Regarding workers, I have contractors tell me that subs are walking off jobs to take a better offer…it’s that dynamic out there right now. Add to the substantial growth of mega data centers and warehouses (many in the 1 million square foot category) as well as a housing shortage, we are back to said contractors hiring anyone who can swing a hammer. This last part is of utmost concern. The construction boom right before the bust caused a considerable decrease in quality and call backs.

    Memo to buyers…take your time on the walkthrough!

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