According to the latest Contractor Compensation Quarterly (CCQ) published by PAS, Inc., construction executive staff wage increases came in at 5.6% for 2023 and are also projected to rise by an average 4.7% by 2024 year-end. The actual 2023 increase compared to the 2023 projected increase was .9% higher, so it is possible we will see this same trend in 2024 (or not – see below). For comparison, WorldatWork is projecting a 4.1% average increase for all executives in 2024.
PAS also just finished the 2024 Construction/Construction Management Staff Salary Survey which indicated a 2023 actual pay increase of 5.0%. Most regions hovered around the 5% mark with the low of 4.7% reported in the Mid-Atlantic States and the high of 5.3% in the Southeastern States. The overall projected 2024 increase came in at 4.38% for middle managers and professionals. As with the executive increase numbers, 2024 anticipated numbers are expected to grow as the year progresses.
PAS offers AGC members a special AGC 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 here.
Jeff Robinson, president of PAS, Inc., is a regular sponsor and presenter at AGC's Construction HR and Workforce Conference.