In the construction industry, labor shortages are always a concern and risk that construction companies face. Knowing the construction industry salary and benchmark helps businesses understand whether their salary is above or below market. When recruiting, it is important to stay competitive to find the right professionals with the technical knowledge and skills to lead your business and acquire the best talent.
Calvetti Ferguson is a member of CICPAC, a network of CPA firms focused on understanding and serving the construction industry. Calvetti Ferguson, CICPAC, and PAS, Inc. partnered to compile the 2022 Construction Compensation Report.
About the survey
The 2022 Construction Compensation Report analyzes compensation rates for a Senior Project Manager, Senior Estimator, and Controller, based on surveys of construction companies. The 2021 Executive Compensation Survey for Contractors and the Construction Management Staff Salary Survey was utilized to pull this data together.
How to use the survey
The survey results have been summarized using a variety of categories and sub-breakdowns in order to provide a multidimensional look at the salaries paid for three chosen positions. It is important that as you evaluate the survey information, you do not take any one variable by itself. Look at the three or four categories that would best apply to your situation for each position. We suggest starting with the Total Revenue category for your base sort.
In matching your positions with the survey positions, use the position description (not the title) to determine the best fit with your company. If the content of the survey position description represents the majority of the functions performed by your incumbent, then there probably is a match. It may be necessary to look at two survey positions to test your compensation levels against the survey. For example, a Project Manager may also perform Senior Estimator functions on a regular basis. Therefore, you need to consider the importance of each of these functions in evaluating the survey data.
Calvetti Ferguson understands the complexity of the construction industry with the different challenges that companies face with increased competition, labor costs, and shortages. We work with general contractors, specialty subcontractors, utility contractors, real estate developers, and service organizations to help keep their financials in order and resolve any issues that may occur. Whether you need help with lease accounting standards under GAAP, tax planning, or any other service related to the construction industry, we can help. Contact our team to get in touch with one of our experts.