SEATTLE, Nov. 27, 2023—Moss Adams, one of the largest accounting, consulting and wealth management firms in the nation, announced the results of the 2023 Construction Industry Salary Report.
The annual report, based on a survey of construction professionals of all levels, highlights compensation trends and provides contractors a useful tool to measure their compensation tactics against peers. This year’s report revealed 60 percent of companies surveyed changed salary strategies in the last year as the industry faced changing market conditions.
“The current market challenges affecting the construction industry are making it difficult to attract and retain talent,” Aaron Faulk, partner and Construction Practice leader at Moss Adams, said. “Compensation is a huge factor for talent, and this year’s report provides data organizations can use to create an effective compensation strategy.”
The report covers a range of topics, including comprehensive salary and benefits data for executives and industry-specific personnel, trends in salary and bonus structures, salary differentials by revenue size and geographic region, how rising inflation has affected compensation in the industry and what contractors are doing to attract talent.
Key findings from the 2023 Construction Industry Salary Report include:
- 60 percent of companies report they have changed salary strategies in the past year, with 55 percent using a cost-of-living adjustment strategy to increase wages based on costs and inflation
- 87 percent of companies surveyed utilize some sort of merit pay system in which individual performance determines increases in base-pay
- 86 percent of companies surveyed offer all employees paid holidays, while 12 percent only offer paid holidays to management level employees
- By region, the average salary of an accountant in the construction industry is $88,862
- Accountants in the Greater Bay area in California earn an average salary of $106,945
- Construction managers working for a municipal and utility type of construction company earn an average salary of $188,000
View the full, complimentary report.