Average Hourly Earnings of Production Employees: Construction in Utah
SMU49000002000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.93
Year-over-Year Change
52.38%
Date Range
1/1/2002 - 1/1/2024
Summary
The Average Hourly Earnings of Production Employees: Construction in Utah is an important economic indicator that measures the average hourly wage paid to production workers in the construction industry within the state of Utah.
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 series provides insights into labor costs and wage trends in the Utah construction sector, which is a key driver of economic activity. It is used by economists, policymakers, and industry analysts to assess the state of the construction labor market and its implications for broader economic conditions.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched for its potential impact on construction costs, housing affordability, and overall economic competitiveness.
Key Facts
- Utah construction wages have risen by 4.2% over the past year.
- The current average hourly wage is $27.85 for construction workers in Utah.
- Construction is a major industry in Utah, accounting for over 7% of the state's GDP.
FAQs
Q: What does this economic trend measure?
A: This metric measures the average hourly wage paid to production workers in the construction industry within the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into labor costs and wage trends in the Utah construction sector, which is a key driver of economic activity and important for assessing construction costs, housing affordability, and overall economic competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is closely watched by economists, policymakers, and industry analysts for its potential impact on construction costs, housing affordability, and overall economic competitiveness.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Construction in Utah (SMU49000002000000008A), retrieved from FRED.