Construction wages are rising, according to the most recent published surveys and will continue to rise through 2017.
At least that’s the immediate past and future for construction staff wages and salaries – employees and workers to handle necessary tasks and jobs such as project estimating, project managing and supervising job sites.
Construction staff wages grew by 3.6 percent in 2016, according to the Contractor Compensation Quarterly, an industry information publication from research firm PAS, and that’s not even half the good news.
“While the overall average increase for professionals was 3.6%, actual changes in critical job families changed at a faster pace,” posted the publication. “For example, in the project supervision job family, the actual change in base pay from 2016 to 2017 ranged from 4.7% (Assistant Superintendents) to 7.0% (Superintendents) with Project Superintendents averaging 6.1% and Construction Managers coming in at 6.9%. Similarly, the project management job family saw entry level Project Engineers jumping 5.0% with experienced PE’s changing 6.8%, Project Managers moving 6.2% and Senior Project Managers averaging 5.5%. Critical specialized positions also saw exceptional increases with Risk Managers changing 6.7% and Safety Directors recording an 8.0% increase in the past year.”
The same publication predicts wages and salaries for those same jobs will continue to rise by 3.4 percent through the second half of 2017.
However, the Associated General Contractors of America points out the company’s data typically lands approximately .5 percent on the low side.
“This edition of CCQ also comes with an addendum which highlights general benefit and healthcare trends, and offers a list of more than 90 benefit/perk practices not covered in the PAS annual Benefit Survey for Contractors,” insists AGC. “The report advises readers to expect more contractors to use the “total rewards” approach including work-life effectiveness, career development, and recognition programs. “Competitive base salary and variable pay are certainly essential,” reminds PAS, “but watch for the contractor with the most creative HR and Compensation practices to win the war for talent.”
The data comes at a time, too, when the U.S. Bureau of Labor Statistics reports 11,000 new jobs were gained in construction in May, a nearly 3 percent gain over May 2016.