Even in a slowing labor market, construction added 39,000 jobs out of the 122,000 total private-sector jobs added in July. Construction also had the highest year-over-year wage growth out of any sector in July.
- Construction added 39,000 jobs in July, 2nd most out of 10 industries behind only trade/transportation/utilities (61,000).
- For job-stayers in construction (remained in same job/employer from July ’23 to July ’24), wages grew by 5.3% YoY compared to July ’23. Out of 10 industries, this was the highest YoY wage growth.
- Nationwide, job-stayers saw YoY pay growth of 4.8% in July ‘24.
- Also, for job-stayers in construction, the median annual pay in July ‘24 was $68,800. This was the third most out of 10 industries, behind only Information ($83,800) and Professional Business Services ($77,500). Nationwide, the median annual pay was $58,800 in July ’24.
- It’s worth noting construction is really the only industry that ranks very highly for both wage growth and median annual pay. Industries atop wage growth are low for annual pay and vice versa.
Based on actual ADP payroll data covering more than half a million companies and more than 25 million employees.
Here are the relevant links as well:
