National Construction Industry Survey Supports a Positive Outlook
Construction business owners and managers always have a lot of financial and operational questions on their minds. They want to know how their companies compare to the competition, and if their working capital is enough to maintain their revenue streams. They have concerns about their equipment and how capital purchases affect their overall equipment costs. They are deliberate over how much to pay their workers and which benefits to offer.
To help explore some of the answers to these questions, CLA’s industry professionals have compiled data from construction contractors across the United States. This report draws on data collected data from 473 contracting companies. It offers our insights on key industry trends so contractors can compare themselves to their peers. Contractors included in the survey represent a wide variety of companies constructing bridges, buildings, and everything in between.
Survey highlights wages and employment
Some of the most important decisions leaders make involve wages. The results of this survey suggest an atmosphere of industry growth for the near future.
- Eight in ten companies said their revenue either increased (60 percent) or stayed the same (19 percent) from 2015 to 2016.
- Three-quarters of contractors surveyed indicated they plan to hire more people in 2017.
- Most contractors expect to increase wage rates by up to 5 percent or less.
- Unemployment will continue to fall through 2018.
The report provides a summary of current wages for a wide range of trades collected by region. These tables can help you understand the employment dynamics in your primary work locations as well as regions where you may consider bidding on projects in the future.
How we can help
Contractors face complex and unique challenges. You can read about the issues, you can study the numbers, and, ideally, you can anticipate the impact of industry changes on your business, so that you can position yourself to create opportunities in the future. Research is a good start, however, when the information reaches a certain volume, sometimes it helps to have an experienced professional to help you think through the issues.Download the Survey