Construction Wages and Salaries in Rhode Island
RIWCON • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,919,261.00
Year-over-Year Change
24.00%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Construction Wages and Salaries in Rhode Island' series measures the average hourly earnings of workers in the construction industry in the state of Rhode Island. This metric is a key indicator of labor costs and economic activity within 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 represents the average hourly wage paid to employees in the construction industry in Rhode Island. It is a useful data point for economists, policymakers, and industry analysts to gauge trends in construction labor costs, which can impact broader economic conditions and investment decisions.
Methodology
The data is collected through surveys of employers in the construction industry within Rhode Island.
Historical Context
Monitoring construction wages can inform decisions around infrastructure investment, housing markets, and broader economic policy.
Key Facts
- Rhode Island construction wages averaged $32.15 per hour in 2022.
- Construction wages in Rhode Island have risen 15% over the past 5 years.
- The construction industry employs over 20,000 workers in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This series measures the average hourly wages and salaries paid to workers in the construction industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: Construction wages are a key indicator of labor costs and economic activity within the construction sector, which can inform decisions around infrastructure investment, housing markets, and broader economic policy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers in the construction industry within Rhode Island.
Q: How is this trend used in economic policy?
A: Monitoring construction wages can help policymakers, economists, and industry analysts assess trends in construction labor costs, which can impact decisions around infrastructure investment and broader economic conditions.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, with a typical 1-2 month lag between the reference period and publication.
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Citation
U.S. Federal Reserve, Construction Wages and Salaries in Rhode Island (RIWCON), retrieved from FRED.