Americas Office Fit Out Cost Guide 2024

WAGES INCREASE TO KEEP UP WITH LABOR DEMAND CONSTRUCTION EMPLOYMENT AND WAGES

> Robust construction employment growth is evident across most LATAM countries. Mexican construction employment has outpaced overall employment in both a 10-year and 1-year period, up 4.7% YOY. Mexican construction companies, like in many other countries, continue to experience difficulty in filling skilled labor positions. > The difficulty in filling positions in the U.S. is reflected in the wage increases companies have resorted to, in order to attract talent. Hourly wages for building construction grew 5.1% YOY and are 21% higher than pre-pandemic wages. Hourly wages for construction are 19% higher than private employment wages. > Canadian commercial construction employment growth has not been as robust as in other countries, but it has kept pace with overall employment growth over the last 10 years. Canadian hourly construction wage growth has been more tempered, growing 0.8% YOY and now sitting 11% higher than pre-pandemic levels.

UNITED STATES

Construction Employment

Construction Wages

20%

15%

10%

5%

0%

-5%

-10% Year-over-Year Change

-15%

2017 Q1

2021 Q1

2018 Q1

2016 Q1

2019 Q1

2022 Q1

2017 Q3

2021 Q3

2023 Q1

2018 Q3

2016 Q3

2019 Q3

2020 Q1

2022 Q3

2023 Q3

2020 Q3

CANADA

Construction Employment

Construction Wages

20%

15%

10%

5%

0%

-5%

Robust construction employment growth is evident across most LATAM countries.

-10% Year-over-Year Change

-15%

2017 Q1

2021 Q1

2018 Q1

2016 Q1

2019 Q1

2022 Q1

2017 Q3

2021 Q3

2023 Q1

2018 Q3

2016 Q3

2019 Q3

2020 Q1

2022 Q3

2023 Q3

2020 Q3

Source: U.S. Bureau of Labor Statistics (BLS); Statistics Canada:; Moody’s Analytics

LINCOLN INTERNATIONAL, LOS ANGELES

18

Cushman & Wakefield

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