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
Made with FlippingBook Digital Publishing Software