Average Weekly Earnings of All Employees: Construction in Illinois
SMU17000002000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,715.91
Year-over-Year Change
32.93%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Earnings of All Employees: Construction in Illinois measures the average weekly pay for construction workers in the state. This key economic indicator provides insight into labor costs and productivity in the construction industry.
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 data series tracks the average weekly earnings of all employees in the construction industry in Illinois. It is used by economists, policymakers, and industry analysts to monitor trends in labor costs, which are a major component of construction spending and project feasibility.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in construction wages are closely watched for their potential impact on inflation, housing affordability, and the broader economic outlook.
Key Facts
- The average weekly wage for construction workers in Illinois was $1,148 as of the latest data.
- Construction wages in Illinois have risen by 3.2% over the past year.
- The construction industry accounts for approximately 5% of total employment in Illinois.
FAQs
Q: What does this economic trend measure?
A: The Average Weekly Earnings of All Employees: Construction in Illinois measures the average weekly pay for construction workers in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insight into labor costs in the construction industry, which is a key input for project planning, housing affordability, and the broader economic outlook.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in construction wages are closely watched by policymakers, economists, and industry analysts for their potential impact on inflation, housing costs, and overall economic conditions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical delay of 1-2 months from the reference period.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Construction in Illinois (SMU17000002000000011A), retrieved from FRED.