Table of Contents Hide
- Advantages of Being a Contractor
- How do contractors make their money?
- Why Do Contractors Get Paid More?
- How Much Do Contractors Make?
- What Type Of Contractors Make The Most Money?
- Highest Paid Contractors/Construction Job
- 1. Construction Superintendent ( Average salary: $85.3 per hour)
- 2. Civil engineer (Average salary: $36.6 per hour)
- 3. Construction manager (Average salary: $36 per hour)
- 4. Boilermaker (Average salary: $31.59 per hour)
- 5. Pipefitter (Average salary: $26.71 per hour)
- 6. Building Engineer (Average salary: $25.71 per hour)
- 7. Electrician (Average salary: $25.26 per hour)
- 8. Plumber (Average salary: $25.07 per hour)
- 9. Construction inspector (Average salary: $23.97 per hour)
- 10. Ironworker (Average salary: $20.09 per hour)
- Countries With The Highest Contractor’s Salary In The World
- 1. Switzerland: (Average annual salary: $ 77, 438)
- 2. Denmark: (Average annual salary $ 71,565)
- 3. Norway: (Average annual salary: $ 67,154 )
- 4. U.S. (Average annual salary: $ 62, 019)
- 5. Australia (Average annual salary: $ 54,155)
- 6. Canada (Average annual salary: $47,262)
- 7. Germany: (Average annual salary: $44,803)
- 8. France: (Average annual salary: $42,2117)
- 9. United Kingdom: (Average annual salary: $40,692)
- 10. Netherlands: (Average annual salary in: $40,612)
- Frequently Asked Questions
- In Conclusion
Contract jobs are now the other of the day in the sense that graduates now prefer working independently instead of getting a job, and staying with that employment until retirement was the standard not long ago.
However, with the shift to the new on-demand economy, another option is to graduate with a specific set of abilities, obtain contract employment in your industry, and then move from one contract to the next, acquiring useful work experience along the way.
This new style of working as an independent contractor has proven to be a very pleasant and rewarding experience for some people, with far more rewards than a comparable full-time position.
Being a contractor is worth it especially when the benefits exceed the disadvantages.
In the meanwhile, this article will cover the 10 Highest Paid Contractors and the Best States for this career.
Advantages of Being a Contractor
Let’s look at some of the advantages of being a contractor.
- You can learn a variety of skills in a short period of time.
- To compensate for the lack of benefits, you make more money.
- As a contractor, you are compensated at the market rate for each hour of work you complete.
- A contract employment may allow you to work on a more flexible schedule.
- To compensate for the lack of benefits, you make more money.
- In most cases, the interview process is substantially faster than the hiring procedure for a permanent post.
- Working many contract jobs will allow you to expand your professional network.
- You can work in a variety of jobs until you find one that matches your career interests.
Meanwhile, being a contractor is intriguing, but it is expedient to also acknowledge some of the cons of working as a contractor.
Disadvantages of being a contractor
- Depending on the role, there may be a lack of job security.
- You will be responsible for paying for your own training and development of new abilities.
- You will not be entitled to the same sick and vacation pay as a permanent employee.
- After the contract expires, you will have to look for a new job. You may be expected to have a relatively short learning curve for the position.
- In comparison to a permanent position, you will most likely have fewer benefits.
While the financial benefits of contracting are attractive, there are other factors that appear to be appealing as well, such as the obvious flexibility and freedom to choose your own hours, work from wherever you want, and avoid being confined to a single office chair.
However, things are not always as straightforward as they appear. You must consider some of the disadvantages of contracting.
Moreover, the life of an employee can’t be compared with the life of a contractor. Looking at how much contractors make as compared to an employee, one would love to be a contractor.
Construction managers (including general contractors) make an average of $43.93 per hour or $91,370 per year.
How do contractors make their money?
To determine how much contractors make depends on factors like:
- Business location,
- Ownership level,
- The quality and diversity of service.
The contractor can make a profit on both the labor and the goods that the vendor provides.
At the same time, the contractor can make a profit on the labor and products placed by his own personnel as they prepare the project for the off-site installation of what is being built.
Contractors profit by raising the selling price. This does not have to be confined to increasing the prices of their products. Increasing the selling price can also be done by increasing the selling price included.
When they mark up everything they sell. When they discover the proper prospects and sell them higher-priced products than in the past, their average sale price rises, and their gross profit on each task rises as well, all without adding extra labor or days to the project timeline.
Why Do Contractors Get Paid More?
It is a common thought about construction workers that, how much do construction workers make?
Contractors are compensated more than workers.
This is because contractors charge more and are able to keep a larger portion of their compensation than employees.
More firms are offering contract positions in a tightening market to economize on benefits and other costs associated with a full-time hire.
However, because they spend less in other areas, they are more prepared to pay higher hourly rates, resulting in a higher contractor wage.
Also, contractors get more paid because contractors bear the burden of accountability and risk.
By hiring contractors, the corporation can shift the risk and duty to another organization or person (in the case of an independent contractor).
The contractor will be hired to perform a specific set of tasks, such as filling positions that need a large number of resources (recruiters, managers, and so on); these resources are frequently unavailable to organizations.
In general, contract labor does not provide the same degree of benefits as working as a regular employee at a company. On the other hand, due to the lack of benefits, you are often paid more on the contract.
How Much Do Contractors Make?
It’s impossible to come to an agreement on how much contractors earn on a broad scale. This is due to a number of factors.
Contractor rates are decided by the contractor’s function, as well as their skillset and expertise. There’s also a geographical aspect to it.
Contractors working in London, for example, will typically earn more than contractors working elsewhere in the UK, regardless of sector.
A building project’s “face” is the general contractor. They’re in charge of hiring subcontractors, producing cost plans, supervising work schedules, and completing the project on time and under budget.
Although some general contractors work for large construction firms, the vast majority are self-employed. Six-figure incomes are common among the top 20% of general counsels.
General contractors can expect to be paid in the top tier or close to it when it comes to contracting pay. You take on more risk and responsibility as the face of the building project than many other professionals. And, luckily, you are reimbursed for your efforts.
Average contracting salaries are hard to come by, but even when you’re just starting out, you can expect to make at least $44,000. As a GC, you can expect to earn more as you gain experience.
Once you’ve established yourself, reputable sources estimate that average general contracting incomes range from $70,000 to $95,000+.
What Type Of Contractors Make The Most Money?
Working as a contractor can lead to financial success, but it’s also a good idea to look for the highest-paying construction job. This is necessary in order to locate the goodies.
When it comes to finding the perfect career, salary is frequently a top focus. According to U.S. Bureau of Labour Statistics, here are the ten highest Paid Contractors/construction occupations to think about in your career search.
Highest Paid Contractors/Construction Job
1. Construction Superintendent ( Average salary: $85.3 per hour)
Superintendents are in charge of overseeing every component of a building project. Engineers, vendors, contractors, subcontractors, and consultants are hired and managed by them.
It is the responsibility of the construction superintendent to guarantee that all projects adhere to health, safety, and environmental regulations.
A superintendent’s work also entails keeping projects on budget and on schedule.
Superintendents execute quality control once a job is completed and order any further tasks that are required to complete the project.
2. Civil engineer (Average salary: $36.6 per hour)
A bachelor’s degree is required to work as a civil engineer, while many also have a master’s degree.
Roadways, airports, bridges, harbors, power plants, public and private structures, and other projects are all designed and overseen by civil engineers.
It is the responsibility of a civil engineer to ensure that projects adhere to environmental, health, and safety regulations.
3. Construction manager (Average salary: $36 per hour)
Most aspects of a project are planned, designed, and assembled by construction managers. They make certain that every project is completed according to the specifications.
Managers also allocate jobs to other employees such as electricians, plumbers, and general laborers, and oversee their performance. A bachelor’s degree is required by the majority of employers for construction managers.
4. Boilermaker (Average salary: $31.59 per hour)
In new construction projects, boilermakers set up steam boilers and boiler houses. After the construction is over, they may be in charge of cleaning and maintaining the boiler system.
High school graduation or GED, as well as completion of an apprenticeship training program, are required to work as a boilermaker.
5. Pipefitter (Average salary: $26.71 per hour)
Pipefitters work on the heating, cooling, and water systems of a building project, designing, assembling, and installing pipe systems.
Pipefitters can also weld, braze, solder, and cement pipes to guarantee that the pipes are properly installed in a structure.
With high school graduation or equivalent, you can work as a pipefitter in most circumstances.
6. Building Engineer (Average salary: $25.71 per hour)
One of the best construction jobs is building engineer. Building engineers are in charge of maintaining the construction and maintenance of structural, electrical, and mechanical components of a construction project.
They also examine budgets and other information to ensure that their work follows the project’s specifications.
After completion, building engineers frequently stay on-site to handle repairs and preventive maintenance. A two-year college degree is required for entry-level building engineers, and a bachelor’s or master’s degree is required for advanced building engineers.
7. Electrician (Average salary: $25.26 per hour)
In building projects, electricians design, install and maintain wire systems. They ensure lighting fixtures, circuit breakers, and electrical control systems are all placed according to their instructions.
Most electricians simply need a high school diploma or GED, though you will need to be officially certified in several areas.
8. Plumber (Average salary: $25.07 per hour)
Plumbers map and install pipes in construction projects using blueprints. Plumbers are also responsible for drainage fixtures, toilets, sinks, and pipelines for air, water, and other liquids.
A high school diploma is sufficient to work as a plumber, but most states also require professional certification.
9. Construction inspector (Average salary: $23.97 per hour)
Building inspectors are the experts when it comes to overseeing the execution of construction projects.
This is to guarantee that they comply with government regulations, local rules, and the contractor’s requirements.
The construction inspector’s job is to approve plans that comply with the standards and, if required, issue stop-work orders to bring buildings into compliance.
This job involves inspecting all aspects of a structure, including the framework, plumbing, and electrical systems.
A high school diploma or GED is sufficient to work as a construction inspector, however, some businesses prefer a college diploma.
10. Ironworker (Average salary: $20.09 per hour)
Most employers just require a high school certificate or equivalent, as well as professional certification, to work as an ironworker.
Ironworkers mold metal into columns, girders, beams, and other building components by cutting, welding, grinding, and shaping it. They help build buildings, bridges, and other constructions. Individuals in this position also collaborate with heavy equipment operators to transport finished goods to the proper location on the construction site.
Countries With The Highest Contractor’s Salary In The World
Contractor work is a viable career path that offers plenty of prospects for advancement as well as competitive pay.
Contractors can earn large incomes in a variety of countries. Here are a few of the best countries in the world:
1. Switzerland: (Average annual salary: $ 77, 438)
In Switzerland, a construction worker’s average salary is $77,438 yearly. Switzerland is consistently ranked as one of the world’s happiest countries.
It is not just a thriving and expanding economy, but it is also one of the most beautiful places on the planet, with lush green valleys and stunning mountains.
2. Denmark: (Average annual salary $ 71,565)
This is one of the best states for construction jobs. Denmark is a kingdom of vibrant cities and lovely landscapes, as well as an inventive society with a sustainable lifestyle.
Denmark enjoys the highest standard of living in the world.
3. Norway: (Average annual salary: $ 67,154 )
The building and construction sector is the most important industry in Norway.
The construction and maintenance of residential and commercial structures, as well as the development of roads, airports, and facilities related to defense, energy, oil, gas, trains, and tramlines, fall within the building and construction industry.
4. U.S. (Average annual salary: $ 62, 019)
California, New Jersey, Delaware, Massachusetts, Sacramento, Atlanta, and Alaska are among the highest paying states in the United States for some contractors. In the United States, around 110 000 architects are employed. An architect’s annual compensation in the country is $80 490.
5. Australia (Average annual salary: $ 54,155)
Architectural contractors in Australia have a lot of work prospects. It is a developed country with good salaries and a high standard of living.
As a foreigner, all you need to do is grasp the English language, which will allow you to navigate the city with ease. Major architecture credentials from other countries are not recognized in Australia.
As a result, any qualification gained outside of Australia must be compared to Australian qualifications.
6. Canada (Average annual salary: $47,262)
In Canada, there is currently a lack of trained workers in specialized industries such as construction. As a result, the country has launched a number of projects aimed at bringing in more hands from various countries to fill open positions for various skilled employees.
Canada’s economy is one of the world’s most stable, with a high level of living. Professionals in the construction business who aspire to come to Canada will be able to experience job advancement and high quality of life if they possess these attributes.
The expected rise in construction in Canada is expected to enhance the demand for architects.
7. Germany: (Average annual salary: $44,803)
In Germany, a worker working in construction, building, or installation earns an average of $32606. The pay scale is from $1,128.91 to $7667. This is the monthly average pay, which includes housing, transportation, and other benefits.
8. France: (Average annual salary: $42,2117)
In France, the average worker makes around $42,2117 each year. In most positions in France, this income would have included additional job benefits.
9. United Kingdom: (Average annual salary: $40,692)
The average annual gross compensation for a Construction Worker is $39,1505.22 ($14.25 per hour), which is $1798.29 (-4%) less than the national average salary in the United Kingdom. The average beginning income for a Construction Worker is $27112.68. The top paid employees can earn up to $62,248.50 per year.
10. Netherlands: (Average annual salary in: $40,612)
In 2017, the Netherlands, usually known as Holland, was voted the happiest country in the world. This country offers excellent public education, infrastructure, and healthcare coverage for all citizens. Working as a contractor here is rewarding due to their rapid growth.
Frequently Asked Questions
- Which contractors get paid the most?
- Elevator installers and repairers ($84,990) …
- Boilermaker ($63,100) …
- Construction and building inspector ($60,710) …
- Electrician ($56,180) …
- Plumbers, pipefitters and steamfitters ($55,160) …
- Ironworkers ($53,650) …
- Sheet metal workers ($50,400) …
- Carpenters ($48,330)
2. Which country pays most for construction?
The highest-paying country for construction employees is the United States, with an average salary of $69,300 (£53k). Construction workers in the United States are the best paid in the world, with New York City builders earning the greatest money.
3. Is being a contractor worth it?
The benefits of working as a contractor may outweigh the difficulties, but you must embrace the fact that it is not as simple as showing up to work every day and waiting for the money to come in.
4. How much does a construction worker make?
Construction workers earn an average of $2,816 per month, which is $65 (2%) more than the national average of $2,751 per month.
5. Is being a contractor a good profession?
When compared to permanent work, contract jobs often offer a 30-40 percent greater gross compensation. The rate of increase varies by industry. However, you must be extremely cautious in your interactions with the companies with which you choose to work as a contractor.
6. How can I become a contractor?
Here are the steps to becoming a good contractor:
- Get some practice….
- Consider pursuing a higher education…
- Look for on-the-job training.
- Look into the prerequisites for obtaining a license….
- Comply with all insurance and licensing requirements.
- Continue to learn.
- Seek for job opportunities
7. Why do contractors get paid more?
Contractors are paid the most since they charge more and can keep a larger portion of their compensation than workers. Contractors have three significant benefits over employees: they can charge more, pay less in taxes, and reduce their expenditures.
Working in the construction industry may be a fun and fulfilling job. Your work contributes to some of society’s most essential and valuable structures in this sector. There are several construction jobs available for people of all skill levels.
Contractors’ work is lucrative, but there are also some high-paying construction jobs.
Because of a shortage of trained labor and advances in cost-cutting technology, the construction industry, dominated by the residential sector, is expected to grow to about $110 billion by 2025.
This suggests that working as a contractor is profitable now and will continue to be profitable in the future