Florida construction workers see 3.2% wage increase, 6th biggest in U.S.
A new report about construction worker wage growth in the U.S. I thought the report would be interesting to your readers.
High levels of inflation beginning in 2021 have, in many cases, more than offset the wage growth routinely touted as a positive of the COVID-era economy. And in the construction industry—despite persistent labor shortages and record levels of spending—the average worker has less purchasing power today than in the years leading up to the pandemic.
However, while wage growth is below-average nationally, construction workers in certain parts of the country have fared better. Researchers calculated the inflation-adjusted change in mean construction worker earnings from 2018 to 2023, then ranked locations accordingly.
These are the main takeaways from the report, highlighting some key stats for Florida:
• Nationally, construction and extraction workers earned an average annual wage of $61,500 in 2023, up from $51,220 in 2018. While this marks a 20.1% increase in pay on a nominal basis, when adjusted for inflation, it represents a 1.1% decrease in purchasing power.
• In 22 states, inflation-adjusted construction wages showed positive growth over the past five years—meaning the average construction worker in these states still has more purchasing power today than in 2018. Leading this list are Maine, Nevada, Washington, and Oregon.
• Conversely, the wage gains experienced by construction workers in 28 states failed to keep pace with inflation, resulting in a net loss of purchasing power. Among the least favorable states for construction wage growth are Wyoming, Alaska, and New York.
• Between 2018 and 2023, mean annual earnings for construction workers in Florida increased 25.3%, from $40,940 to $51,280.
• This represents an inflation-adjusted increase of 3.2%—the 6th largest in the country.
The full report includes data on nearly 400 U.S. metropolitan areas and all 50 states.
