Raleigh Durham continues to experience all time high hourly construction wages with a moderate decrease in square footage under construction - United States
Raleigh-Durham continues to experience all-time high hourly construction wages with a moderate decrease in square footage under construction
At the beginning of the year the number of construction job vacancies jumped 120,000 in the U.S., as reported by the U.S. Labor Department. In contrast hiring dropped by 18,000, suggesting a lack of available skilled workers. Consequently, some construction projects are experiencing delays due in part to the workforce shortage.
Since the pandemic, the wage disparity across all Southeast markets has diminished, signaling competitive labor conditions among Southeast metros. This suggests that the quantity of work is becoming less influential in determining pay, with competition for workers becoming a more critical factor.
Raleigh-Durham labor shortages in the construction industry continue to cause construction costs to increase, while total square footage under development remains high for the market. YTD construction costs have reached a decade high in Raleigh-Durham at $19.03 an hour.