According to the latest Contractor Compensation Quarterly (CCQ) published by PAS, Inc., Open Shop contractors anticipate skilled craft hourly wage increases of 4.45% in 2023 (4.30% excluding zeros). Actual increases for 2022 were 5.02% (including zeros) and 5.10% (excluding zeros). These increases are across the board for all craft, contractor types, sizes, and regions of the country. WorldatWork reports 2023 actual construction increases at 4.4%. Historically, projected numbers are slightly lower than the actual year end figure.
The chart below shows how open shop craft wages have fluctuated from 2007 to 2022 (these numbers do not include 0% increases).
Turnover
Non-craft turnover from July 2022 to July 2023 was 14.8%, quite a drop from last’s years rate of 17.7%. Contractors with less than 100 million in revenues were below the 14.8% overall rate. Those firms in the 100 to 250 million range reported a rate of 15.2%, followed by a 16.7% rate in the 250 to 500 grouping, and 17.5% in the over 500 million revenue range. PAS asks an “in your opinion” question of whether a company is experiencing “Low, Some, or High” turnover in a few critical positions. In the over 500 million group, 37% indicated some turnover in estimators, 70% indicated some turnover in project managers, and 72% reported some to high turnover in superintendents.
Need a survey now? PAS offers AGC members a special discount to access PAS products. For more information, contact PAS by phone at (800) 553-4655 or www.pas1.com. You can also find more information & compensation data here (must be signed in with your AGC of America credentials to access).
Jeff Robinson, president of PAS, Inc., is a regular sponsor and presenter at AGC's Construction HR & Workforce Conference.