Average Hourly Earnings of Production Employees: Construction: Specialty Trade Contractors in Minnesota
SMU27000002023800008 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
44.26
Year-over-Year Change
10.65%
Date Range
1/1/2001 - 7/1/2025
Summary
This economic trend measures the average hourly earnings of production employees in the specialty trade contractors industry in Minnesota. It provides important insights into labor costs and wage dynamics in the state's 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 Average Hourly Earnings of Production Employees: Construction: Specialty Trade Contractors in Minnesota tracks the average wages paid to production workers in the specialty trade contractors industry across the state. This metric is a key indicator of labor market conditions and compensation trends within the Minnesota construction sector.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is widely used by economists, policymakers, and industry analysts to assess the state of Minnesota's construction labor market and inform economic and workforce development strategies.
Key Facts
- Minnesota's specialty trade contractors employed over 115,000 workers as of 2022.
- Average hourly earnings in this industry have risen by over 20% since 2015.
- Wages for specialty trade contractors in Minnesota are typically higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees working in the specialty trade contractors industry across the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into labor costs and compensation trends within Minnesota's construction sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and industry analysts use this trend to assess the state of Minnesota's construction labor market and inform economic and workforce development strategies.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Construction: Specialty Trade Contractors in Minnesota (SMU27000002023800008), retrieved from FRED.