Wholesale prices of materials used in residential construction increased in May 2026, a direct result of rising energy costs. Residential building material prices rose at their highest yearly rate since January 2023, as prices were up 4.4% from 2025 and up 0.7% over May. The price index for inputs to new residential construction rose 1.3% in May and was up 6.9% from last year. The price of goods used in new residential construction, including energy, was up 2.1% over the month and up 8.3% from last year, while the price…
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Residential construction labor market remains resilient
Despite rising inflation and ongoing economic uncertainty, the U.S. labor market remained resilient in May 2026. Residential construction employment now stands at 3.3 million in May, including 925,000 workers employed by builders and remodelers and nearly 2.4 million residential specialty trade contractors. Employment in the overall construction sector rose by 17,000 jobs in May, following a gain of 9,000 in April. Within the industry, residential construction added 900 jobs, while non-residential construction added 15,700 jobs. Wage growth moderated in May, with average hourly earnings rising 3.4% year-over-year. This pace is…
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