If you are considering a career as a general contractor, one of the first questions you may have is about the salary potential in this field. While the answer to this question can vary depending on a variety of factors, including location, experience, and industry, there are some general guidelines that can help you understand what a general contractor’s salary might be.
First, it is important to note that general contractors are typically self-employed or work for a construction or contracting company. This means that their salaries are often tied to the success of their own business or the company they work for. As a result, general contractor salaries can range widely depending on the project and their level of experience.
According to the Bureau of Labor Statistics (BLS), the median annual salary for a general contractor in the United States was $93,370 as of May 2019. However, this number can vary greatly depending on a number of factors, such as location, years of experience, training, and education.
In general, general contractors with more experience and specialized skills will typically earn higher salaries. For example, general contractors who specialize in commercial construction or have experience managing large-scale projects may earn significantly more than those who work on smaller residential projects.
Additionally, location can play a significant role in a general contractor’s salary. For example, general contractors in areas with high costs of living, such as New York City or San Francisco, may earn higher salaries than those in smaller, less expensive cities or rural areas.
Generally speaking, general contractors with a bachelor’s or master’s degree in construction management or a related field will earn higher salaries than those without formal education. Additionally, general contractors with certifications or specialized training in areas such as green building or LEED certification may also command higher salaries.
Finally, it is important to note that general contractors who are self-employed or run their own businesses have the potential to earn significantly more than those who work for a construction company. However, self-employed general contractors also bear additional expenses and responsibility for their business, such as marketing, accounting, and liability insurance.
In conclusion, the salary potential for a general contractor can vary widely depending on a variety of factors, including location, experience, education, and industry. However, with the right skills and experience, general contracting can be a lucrative and rewarding career path.