EL PASO, Texas (KTSM) — The Borderland is among regions in the U.S. that spent the most on construction per worker last year.
According to a new report by Construction Coverage, El Paso spent about $571.3 million on new residential construction in 2020, which corresponds to about $48,006 per construction worker. The national average of the cost associated with new residential construction per construction worker is $51,738.
A national housing boom is coinciding with the country’s next phase of COVID-19 efforts that’s seen housing supplies reach one of its lowest rates on record since 1963, while severe lack of housing and increased demand led to new-home construction.
Other compounding factors include supply chain disruptions that caused lumber prices to soar by more than 500 percent.
Only seven states — including Texas — account for more than half the value of approved building permits in 2020. Texas accounts for about $43 billion in 2020 building permit value, leading the nation.
Texas and Florida spent more money on new residential construction than California (even though both states have smaller populations than California), which highlights housing growth trends that are shifting to lower-cost locations in southern states.
Below is a summary that compares El Paso’s data with the national average:
|New residential construction spending per construction worker: $48,006||New residential construction spending per construction worker: $51,738|
|New residential construction spending: $571,275,000||New residential construction spending: $307,209,904,000|
|Total construction workers: 11,900||Total construction workers: 5,937,830|
|Relative concentration of construction workers: -8%||Relative concentration of construction workers: N/A|
|Median annual wage for construction workers: $41,670||Median annual wage for construction workers: $48,610|