SEATTLE, Oct. 30, 2024—Moss Adams, one of the largest accounting, consulting and wealth management firms in the nation, announced the results of the 2024 Construction Industry Salary Report. The annual report—based on a survey of construction companies of all sizes, sectors and locations—highlights compensation trends and provides contractors a useful tool to measure their compensation strategies against peers.

The report reveals the overall industry maintained a steady flow of work, but as interest rates and economic pressures increased, companies decreased their focus on compensation strategies and compensation growth rate decreased. According to the report conducted by Moss Adams, only 42% of respondents have changed their salary strategies in the last year, an 18% decrease from 2023.

"Over the past few years, competition for talent has been fierce leading to significant increases in compensation and implementation of retention programs and strategies,” said Aaron Faulk, partner and construction practice leader at Moss Adams. “While overall construction activity remains strong, there are sectors that are challenged, easing the competition for talent in those sectors and slowing the rate of compensation growth.”

The report explores various aspects of compensation in the construction industry, including detailed salary and benefits data for executives and industry-specific personnel, trends in salary and bonus structures, salary differentials by revenue size and geographic region, the impact of rising inflation on compensation in the industry, and what contractors are doing to attract talent.

Other key findings from the 2024 Construction Industry Salary Report include:

• 28% of companies surveyed utilize cash incentives as additional compensation to motivate and reward employees for exceeding performance goals. This is a 13% decrease from 2023.
• 94% of companies surveyed offer all employees paid time off, while 6% only offer paid time off to management-level employees.
• Of those who offer a profit-sharing plan to employees, 54% offer it to just management-level employees, while 44% offer to nonmanagement employees as well.
• The average salary of an accountant in the construction industry is $96,432.
• Construction managers working as a general contractor earn an average salary of $156,571.
• Laborer workers in the commercial construction scene earn an average salary of $61,501.

View the full, complimentary report.