Construction Earnings in Washington
WAECON • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29,148,955.00
Year-over-Year Change
6.98%
Date Range
1/1/1998 - 1/1/2025
Summary
The Construction Earnings in Washington trend measures average hourly earnings for employees in the construction industry in the state of Washington. This metric is a key indicator of economic activity and labor market 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
The Construction Earnings in Washington data series, published by the U.S. Bureau of Labor Statistics, provides insights into wage growth and inflationary pressures within the state's construction industry. It is widely used by economists, policymakers, and industry analysts to assess the health of the local economy.
Methodology
The data is collected through surveys of employers and calculated as the average hourly wage for all construction workers in Washington.
Historical Context
This trend is relevant for monitoring the competitiveness of Washington's construction labor market and informing infrastructure investment and housing policies.
Key Facts
- Washington construction earnings averaged $36.50 per hour in 2022.
- Earnings have risen by 15% over the past 5 years.
- The construction sector accounts for 5% of Washington's total employment.
FAQs
Q: What does this economic trend measure?
A: The Construction Earnings in Washington trend measures the average hourly wage for employees in the construction industry across the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and inflationary pressures within the construction sector, which is a key driver of economic activity and development in Washington.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers and calculated as the average hourly wage for all construction workers in Washington.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to inform decisions around infrastructure investment, housing policies, and labor market regulations in the construction industry.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately one month.
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Citation
U.S. Bureau of Labor Statistics, Construction Earnings in Washington (WAECON), retrieved from FRED.