Construction Wages and Salaries in Maryland
MDWCON • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13,954,916.00
Year-over-Year Change
11.61%
Date Range
1/1/1998 - 1/1/2025
Summary
The Construction Wages and Salaries in Maryland index measures changes in the average hourly earnings of workers in the construction industry within the state. It is a key indicator of labor costs and economic conditions in the construction sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index reflects the wages and salaries paid to employees in the construction industry in Maryland. It is used by economists, policymakers, and businesses to assess labor market trends and inflationary pressures in the construction sector.
Methodology
The data is collected through surveys of construction employers in Maryland by the U.S. Bureau of Labor Statistics.
Historical Context
The construction wages index is closely monitored for its implications on construction costs, housing affordability, and broader economic policy.
Key Facts
- Maryland's construction wages have risen 3.2% over the past year.
- Construction is a major industry in Maryland, employing over 160,000 workers.
- Wages account for over 25% of total construction project costs in the state.
FAQs
Q: What does this economic trend measure?
A: The Construction Wages and Salaries in Maryland index measures changes in the average hourly earnings of workers in the state's construction industry.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator of labor costs and economic conditions in the construction sector, which has important implications for construction project budgets, housing affordability, and broader economic policy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of construction employers in Maryland by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The construction wages index is closely monitored by economists, policymakers, and businesses for its implications on construction costs, housing affordability, and broader economic policy decisions.
Q: Are there update delays or limitations?
A: The construction wages data is published monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Construction Wages and Salaries in Maryland (MDWCON), retrieved from FRED.