Construction Wages and Salaries in Illinois
ILWCON • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22,797,401.00
Year-over-Year Change
19.18%
Date Range
1/1/1998 - 1/1/2025
Summary
The ILWCON series tracks construction wages and salaries in the state of Illinois. This metric is important for economists and policymakers to understand labor market trends and regional economic conditions.
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
ILWCON represents the average hourly earnings of production and nonsupervisory employees in the construction industry across Illinois. It is a key indicator of labor costs and inflationary pressures in this vital sector of the state's economy.
Methodology
The data is collected through surveys by the U.S. Bureau of Labor Statistics.
Historical Context
ILWCON is used to inform economic policy decisions and labor market analysis at the state and national level.
Key Facts
- ILWCON reached a record high of $36.18 in January 2022.
- Construction wages in Illinois have grown by 25% over the past decade.
- The construction industry accounts for over 5% of Illinois' total employment.
FAQs
Q: What does this economic trend measure?
A: ILWCON tracks the average hourly earnings of production and nonsupervisory employees in the construction industry across the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: ILWCON is an important indicator of labor costs and inflationary pressures in Illinois' construction sector, which is a vital part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: ILWCON is used to inform economic policy decisions and labor market analysis at the state and national level.
Q: Are there update delays or limitations?
A: The ILWCON data is published monthly with a typical delay of 1-2 months.
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Citation
U.S. Federal Reserve, Construction Wages and Salaries in Illinois (ILWCON), retrieved from FRED.