Even after the recession ended and the economy began to recover, wages have risen very unevenly across all industries – something that isn’t very common. Over the course of history, the recovery of an economy would usually lead to more uniform pay raises. Fortunately, wages are beginning to rise within the construction industry.
On average, wages across all industries have only risen roughly 2 percent a year, which is enough to keep up with inflation. Wages for construction workers are beginning to rise more according to data released by the U.S. Bureau of Labor Statistics. There is a simple reason behind this. When the housing market faced collapse due to the recession, many skilled workers decided to pursue other careers. As the housing market recovered, the demand for new homes increased, with not enough workers to meet that demand. Wages in the construction industry began rising in 2012 at an average of 3.3 percent a year according to the U.S. Bureau of Labor Statistics.
As the demand for new housing grows, so does the demand for construction workers, which explains their rising wages. If you’re in need of wholesale timber in Kansas City for your construction project, then contact us at Schutte Limber today.
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