Average Hourly Earnings of All Employees: Construction in Rhode Island
SMU44000002000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
44.87
Year-over-Year Change
56.94%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Hourly Earnings of All Employees: Construction in Rhode Island measures the average hourly wage for construction workers in the state. This metric is closely watched by economists and policymakers as an indicator of labor market conditions and cost pressures.
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 economic series tracks the average hourly earnings of all employees in the construction industry within the state of Rhode Island. It provides insight into compensation trends and labor costs, which are important factors in assessing the overall health of the state's construction sector and broader economy.
Methodology
The data is collected through surveys of employers conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Changes in construction wages can inform decisions around infrastructure investment, housing policy, and monetary policy.
Key Facts
- Rhode Island construction wages have risen by 15% over the past 5 years.
- Construction is a key industry in Rhode Island, employing over 20,000 workers.
- Wage growth in the Rhode Island construction sector has outpaced the national average.
FAQs
Q: What does this economic trend measure?
A: This series measures the average hourly wage for all employees in the construction industry within the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: Construction wages are an important indicator of labor market conditions and cost pressures in the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Changes in construction wages can inform decisions around infrastructure investment, housing policy, and monetary policy.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Construction in Rhode Island (SMU44000002000000003A), retrieved from FRED.