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Editor’s Note: This story originally appeared on Construction Coverage.
After slowing down at the beginning of the pandemic, the construction industry has bounced back, spurred on by the housing market boom.
Construction employment reached 7.7 million in August, surpassing pre-COVID-19 levels, and nearly matching peak construction employment in 2006. With the signing of President Joe Biden’s Infrastructure Investment and Jobs Act into law, the long-term outlook for the construction industry is looking upbeat as well.
Although inflation has moderated slightly, it still is at elevated levels, however. The average weekly wage for full-time construction workers was $887 in April, after adjusting for inflation. This represents a 12% drop from October 2020 when real wages peaked at $1,012, according to Construction Coverage.
Increased demand for homes due to record-low mortgage rates, remote work, and stimulus payments coupled with low inventory have caused home prices to skyrocket. Rising home prices in many cities mean that the workers who build homes often cannot afford to…
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