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>4:16Have you ever wondered how much money a general contractor makes? I break down the averages as well as best and worst case scenarios for a …YouTube · Mike Claudio · Jun 10, 20204 key moments in this video
Do Contractors Make?
If you’re endeavoring to earn a contractor’s license, you probably have some idea that you can make at least decent money with your new credential. And that’s definitely the case, although the amount you can expect to earn depends on your location, your expertise level, and your trade. Still, though, we can talk in broad strokes. So how much do contractors make?
To give you the clearest idea possible, let’s look at three different trades and their average salaries.
How much do general contractors make?
When it comes to contracting salaries, general contractors can expect to stay in or near the top tier. As the face of the construction project, you take on more risk and responsibility than a lot of other tradesmen. And, fortunately, you can protect your business from this risk by taking out general liability insurance.
Estimates about average contracting salaries vary, but it’s fairly safe to assume you’ll make at least $44,000, even when you’re first starting out. As you gain more experience, you can expect to earn more as a GC.
Reputable sources put average general contracting salaries in the $70,000 to $95,000+ range once you’re established. With some experience, you’ll probably be able to charge upwards of $500 a day and expect about $90,000 as an annual general contractor salary. The Bureau of Labor Statistics (BLS) says that construction managers, a role you can easily take on as a GC, earn over $95,000 a year.
What’s an average electrician salary?
The amount you can expect for your annual electrician salary depends on your trade level. As you’d probably expect, master electrician salary numbers are higher than the average journeyman electrician salary.
The BLS says that, on the whole, the median electrician salary is just over $56,000, or $27 an hour. The average journeyman electrician salary is about $49,500, while the average master electrician salary is $55,000 to $75,000, depending on the state.
What’s an average plumber salary?
The BLS reported that plumbers, pipefitters, and steamfitters earn an average of just over $55,000 per year, or a little more than $26.50 an hour. And that lines up with findings from U.S. News & World Report, which puts the average plumber salary at just under $54,000.
But Indeed says that number is closer to the average journeyman plumber salary. They say the average base salary for journeyman plumbers are just shy of $27. As a master plumber with at least five years of experience, you might be able to pull as much as six figures annually.
Getting your license to earn these salaries
When you’re angling for the best contracting salaries possible, you need to take the necessary steps to get and maintain licensure in your state. Usually, this means filling out an application, paying the relevant fee, and completing the required pre-license education. Then, you’ll need to complete your continuing education and your renewal application in a timely manner to maintain your license.
If you do, your salary should only increase through the years as you gain more experience. How much do contractors make? The sky’s the limit.
Extra Information About how much money does a contractor make That You May Find Interested
If the information we provide above is not enough, you may find more below here.
How Much Do Contractors Make? – TradesmanCE.com
How Much Can You Make As a General Contractor ?
Contractor Salary: How Much Do Contractors Make?
What is the Average Salary For a General Contractor?
The Average Salary of a General Contractor – Work – Chron.com
Frequently Asked Questions About how much money does a contractor make
If you have questions that need to be answered about the topic how much money does a contractor make, then this section may help you solve it.
Are contractors compensated well?
Reputable sources estimate that once you’re established, average general contracting salaries will be in the 0 to 5,000+ range. As you gain more experience, you can anticipate making more money as a GC.
What percentage of profit on a job should a contractor make?
Your minimum profit target should be in the range of 8%, with 10% being average and 15% being ideal.
Who among the contractors earns the most?
Elevator installers, boilermakers, and pile driver operators tend to command higher rates, but general construction supervisors, inspectors, and more common tradespeople like electricians can also command higher rates.
How are contractors paid?
The contractor can make a gross profit on both the labor and the product supplied by the vendor, as well as the labor and the products installed by his own crews as they prepare the project for the installation of what is being built off site.
Do contractors earn six-figure salaries?
In fact, some CSLS graduates who start businesses and hire others to work for them make much more money than that. In California, earning six figures or more as a self-employed contractor or other business owner is not unusual.
Is working as a contractor worthwhile?
Companies might be willing to pay more for independent contractors because they don’t have to enter into costly, long-term commitments or pay health benefits, unemployment compensation, Social Security taxes, or Medicare taxes, so you might make more money as an independent contractor than as an employee.
Why do contractors generally fail?
The following factors contribute to construction companies failing: insufficient profitable sales, a lack of change orders, and a lack of legal contracts.
Do contractor jobs merit their pay?
You should take a contract position because it will give you more flexibility with your schedule, more experience, knowledge, and skills, as well as the chance to work in a variety of industries in a short amount of time.
Are contractors paid once a week or once a month?
Many consultants and contractors look to ensure they are paid regularly (weekly or monthly), but some stipulate when and how they are paid based on stages within a project.
How can I begin a contract position?
Choose a business name (and register it, if necessary), obtain a tax registration certificate (and a vocational license, if required for your profession), and pay estimated taxes (advance payments of your income and self-employment taxes). Make sure you truly qualify as an independent contractor.