Average Weekly Earnings of All Employees: Construction in Washington
SMU53000002000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,767.90
Year-over-Year Change
67.28%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Earnings of All Employees: Construction in Washington metric tracks the average weekly earnings for construction workers in the state of Washington. This data point is a key indicator of labor costs and economic activity 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 series measures the average weekly earnings, including overtime pay, of all employees in the construction industry within the state of Washington. It provides insight into wage trends and labor costs, which are important factors for analyzing the construction sector and broader state economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this metric to assess the strength of the construction industry and make informed decisions about economic and workforce policies.
Key Facts
- Washington's construction industry employs over 200,000 workers.
- Average weekly earnings in the state's construction sector have increased by 15% over the past 5 years.
- The construction industry accounts for approximately 5% of Washington's total economic output.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average weekly earnings, including overtime pay, of all employees in the construction industry within the state of Washington.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into wage trends and labor costs in the construction sector, which are key factors for analyzing economic activity and making informed policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the strength of the construction industry and make informed decisions about economic and workforce policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Construction in Washington (SMU53000002000000011A), retrieved from FRED.