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Prevailing wages are the
pay rates and fringe benefits determined by federal authorities to be the norm for each classification of labor in particular geographic areas for particular types of projects. Federal law required that employers with federal contracts pay the prevailing pay rate to their employees. These pay rates are determined by the U.S. Department of Labor (DOL) using local data and are equivalent to union rates in most areas. Prevailing minimum wages, on the other hand, tend to track statutory minimum wages in a geographic area.
To ensure that organized labor has a fair chance to bid for government contracts, U.S. laws require all employers engaged in the performance of federal contracts to pay "prevailing" wages to their workers. Virtually all federal expenditures in the private sector are covered by prevailing wage provisions. The main statutes in this area are the Davis-Bacon Act governing federal construction contracts, the McNamara-O'Hara Service Contract Act governing contracts to provide services to the federal government, and the Walsh-Healy Public Contracts Act governing the manufacturing of goods for the government.
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The Library has more current resources on pay rates like these:
Job Pricing: What are you worth?
Non-exempt employees compensation data
State and regional compensation pay rates
Annual employee benefit survey rates