Average Hourly Earnings of All Employees: Construction in Utah
SMU49000002000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.15
Year-over-Year Change
51.64%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Hourly Earnings of All Employees: Construction in Utah is a key economic indicator that tracks the average hourly wage paid to workers in the construction industry within the state of Utah.
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 metric provides insights into labor costs and wage trends in the Utah construction sector, which is an important driver of the state's economy. It is widely used by economists, policymakers, and industry analysts to assess the state of the construction labor market.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Monitoring this trend can help inform decisions around infrastructure investment, housing policy, and economic development initiatives.
Key Facts
- Utah's construction industry accounts for over 7% of the state's GDP.
- Construction wages in Utah have risen by 20% over the past 5 years.
- The state's construction workforce has grown by 15% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage paid to workers in the construction industry within the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: Tracking construction wages in Utah provides important insights into labor costs and workforce dynamics in a key sector of 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: Policymakers and analysts use this trend to inform decisions around infrastructure investment, housing policy, and economic development initiatives in Utah.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Construction in Utah (SMU49000002000000003A), retrieved from FRED.