As a professional, one of the most commonly searched questions on the internet is “how much does a construction contractor make a year.” If you’re considering becoming a contractor or wanting to know more about the industry, then this article will cover everything you need to know about the average annual salary of a construction contractor.
To start, it’s important to understand the different types of contractors in the construction industry. There are three main categories: general contractors, specialty contractors, and subcontractors. General contractors oversee and manage projects from beginning to end, while specialty contractors focus on one particular area, such as plumbing or electrical work. Subcontractors are hired by a general contractor or specialty contractor to complete a specific task on a project.
According to data from the Bureau of Labor Statistics, the average annual salary for construction managers, which includes general contractors, is $95,260. This number can vary depending on the region, industry, and level of experience of the contractor. For example, a general contractor in the residential construction industry may make less than a general contractor in the commercial construction industry.
Specialty contractors can also make a good living. For instance, an electrician can earn an average salary of $56,900 per year, while a plumber can earn an average salary of $55,160 per year. These numbers can fluctuate based on the level of experience and the region of the country, with some specialty contractors earning significantly more.
Subcontractors make less than general or specialty contractors, as they are typically hired for individual tasks on a project rather than overseeing the entire project. The average annual salary for subcontractors varies widely depending on the type of work being performed and their level of experience.
It’s worth noting that becoming a successful construction contractor takes more than just technical skill. In addition to having knowledge about building codes and construction methods, contractors also need to have strong business and management skills. This includes being able to manage budgets and schedules, build relationships with clients and workers, and negotiate contracts.
In conclusion, the average annual salary for a construction contractor varies widely based on the type of work being performed, the level of experience, and the region of the country. General contractors, specialty contractors, and subcontractors each have their own average salary ranges, with general contractors typically earning the most. However, becoming a successful contractor requires more than just technical skill, and developing strong business and management skills is just as important to building a successful career in this field.