Construction Wages and Salaries in Virginia
VAWCON • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,323,969.00
Year-over-Year Change
25.07%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Construction Wages and Salaries in Virginia' economic trend measures the average hourly earnings of workers in the construction industry in the state of Virginia. This metric provides insight into the labor costs and wage dynamics within the vital 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 data series tracks the average hourly wages paid to employees in the construction industry in Virginia. It is a useful indicator of compensation levels and labor market conditions for a key component of the state's economy. Economists and policymakers analyze this metric to understand broader trends in employment costs and productivity.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Construction wages are a key consideration for developers, investors, and state officials in evaluating project costs and regional economic health.
Key Facts
- Virginia's construction wages averaged $31.24 per hour in 2022.
- Construction wages in Virginia have risen by 15% over the past 5 years.
- The construction sector accounts for over 200,000 jobs in the state.
FAQs
Q: What does this economic trend measure?
A: The 'Construction Wages and Salaries in Virginia' series tracks the average hourly earnings of workers in the construction industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and wage dynamics within the vital construction sector, which is crucial for understanding broader economic conditions and development activity in Virginia.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Construction wages are a key consideration for developers, investors, and state officials in evaluating project costs and regional economic health.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of several weeks.
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Citation
U.S. Federal Reserve, Construction Wages and Salaries in Virginia (VAWCON), retrieved from FRED.