WASHINGTON - The findings of a new report issued by the Construction Labor Research Council (CLRC) indicates that average wage and fringe increases rose slightly to 4.2 percent in 2006, up from 3.9 percent in 2005. According to the report, based upon increases already negotiated in contracts for the next two years, wage and fringe increases will continue at a similar pace. The report indicated that already known increases in effect for 2007 are 4.3 percent and for 2008 are 4.2 percent.
During the five years ending Jan. 1, 2007, the study found that rates increased by 22.6 percent, or close to 4 percent annually. While the five-year increase is unchanged from a year ago, it is the highest five-year increase since the period ending January 1987. The CLRC said that even though the wage reduction was minimal from 2005 to 2006, it marked a reversal of three years of declines in the rate of escalation. The report concluded that the peak among recent years was 4.3 percent in 2002 and that the average annual increase has been about $1.72.
For a complete copy of the 14-page report, contact Jason Watson at email@example.com or call 703-803-2981.
New Report Shows Wage Increase
April 30, 2007