Contract jobs are now the other of the day because graduates now prefer working independently instead of getting a job, and staying with that employment until retirement was the standard recently.
However, with the shift to the new on-demand economy, another option is to graduate with specific abilities, get contract employment in your industry, and then move from one contract to the next, acquiring useful work experience along the way.
This new working style as an independent contractor has proven to be a very pleasant and rewarding experience for some people, with far more rewards than a comparable full-time position.
Being a contractor is worth it, especially when the benefits exceed the disadvantages.
This article will cover the 10 Highest Paid Contractors and the Best States for this career.
Table of contents
- What Are The Advantages of Being a Contractor?
- How do contractors make their money?
- Why Do Contractors Get Paid More?
- How Much Do Contractors Make?
- What Type Of Contractors Make The Most Money?
- Highest Paid Contractors/Construction Job
- #1. Construction Superintendent ( Average salary: $85.3 per hour)
- #2. Civil engineer (Average salary: $36.6 per hour)
- #3. Construction manager (Average salary: $36 per hour)
- #4. Boilermaker (Average salary: $31.59 per hour)
- #5. Pipefitter (Average salary: $26.71 per hour)
- #6. Building Engineer (Average salary: $25.71 per hour)
- 7. Electrician (Average salary: $25.26 per hour)
- 8. Plumber (Average salary: $25.07 per hour)
- 9. Construction inspector (Average salary: $23.97 per hour)
- 10. Ironworker (Average salary: $20.09 per hour)
- Countries With The Highest Contractor’s Salary In The World
- 1. Switzerland: (Average annual salary: $ 77, 438)
- 2. Denmark: (Average annual salary $ 71,565)
- 3. Norway: (Average annual salary: $ 67,154 )
- 4. U.S. (Average annual salary: $ 62, 019)
- 5. Australia (Average annual salary: $ 54,155)
- 6. Canada (Average annual salary: $47,262)
- 7. Germany: (Average annual salary: $44,803)
- 8. France: (Average annual salary: $42,2117)
- 9. United Kingdom: (Average annual salary: $40,692)
- 10. Netherlands: (Average annual salary: $40,612)
- Frequently Asked Questions
- In Conclusion
What Are The Advantages of Being a Contractor?
Let’s look at some advantages of being a contractor.
- You can learn a variety of skills in a short time.
- To compensate for the lack of benefits, you make more money.
- As a contractor, you are compensated at the market rate for each hour of work you complete.
- Contract employment may allow you to work on a more flexible schedule.
- To compensate for the lack of benefits, you make more money.
- In most cases, the interview process is substantially faster than the hiring procedure for a permanent post.
- Working many contract jobs will allow you to expand your professional network.
- You can work in various jobs until you find one that matches your career interests.
Meanwhile, being a contractor is intriguing, but it is expedient to also acknowledge some cons of working as a contractor.
Disadvantages of being a contractor
- Depending on the role, there may be a lack of jobs security.
- You will pay for your own training and the development of new abilities.
- You will not be entitled to the same sick and vacation pay as a permanent employee.
- After the contract expires, you will have to look for a new job. You may be expected to have a relatively short learning curve for the position.
- In comparison to a permanent position, you will most likely have fewer benefits.
While the financial benefits of contracting are attractive, other factors appear to be appealing as well, such as the obvious flexibility and freedom to choose your own hours, work from wherever you want, and avoid being confined to a single office chair.
However, things are not always as straightforward as they appear. You must consider some of the disadvantages of contracting.
Moreover, the life of an employee can’t be compared with the life of a contractor. Looking at how much contractors make as compared to an employee, one would love to be a contractor.
Construction managers (including general contractors) make an average of $43.93 per hour or $91,370 per year.
How do contractors make their money?
To determine how much contractors make depends on factors like:
- Business location,
- Ownership level,
- The quality and diversity of service.
The contractor can make a profit on both the labor and the goods that the vendor provides.
At the same time, the contractor can make a profit on the labor and products placed by his own personnel as they prepare the project for the off-site installation of what is being built.
Contractors profit by raising the selling price. This does not have to be confined to increasing the prices of their products. Increasing the selling price can also be done by increasing the selling price included.
When they mark up everything they sell. When they discover the proper prospects and sell them higher-priced products than in the past, their average sale price rises, and their gross profit on each task rises as well, all without adding extra labor or days to the project timeline.
Why Do Contractors Get Paid More?
It is a common thought that construction workers that contractors are compensated more than workers.
This is because contractors charge more and can keep a larger portion of their compensation than employees.
More firms are offering contract positions in a tightening market to economize on benefits and other costs associated with a full-time hire.
However, because they spend less in other areas, they are more prepared to pay higher hourly rates, resulting in a higher contractor wage.
Also, contractors get paid more because contractors bear the burden of accountability and risk.
The corporation can shift the risk and duty to another organization or person (with an independent contractor) by hiring contractors.
The contractor will be hired to perform specific tasks, such as filling positions that need many resources (recruiters, managers, and so on); these resources are frequently unavailable to organizations.
In general, contract labor does not provide the same benefits as a regular company employee. Due to the lack of benefits, you are often paid more on the contract.
How Much Do Contractors Make?
It’s impossible to agree on how many contractors earn on a broad scale. This is due to several factors.
Contractor rates are decided by the contractor’s function, as well as their skillset and expertise. There’s also a geographical aspect to it.
Contractors working in London, for example, will typically earn more than contractors working elsewhere in the U.K., regardless of sector.
A building project’s “face” is the general contractor. They’re in charge of hiring subcontractors, producing cost plans, supervising work schedules, and completing the project on time and under budget.
Although some general contractors work for large construction firms, most are self-employed. Six-figure incomes are common among the top 20% of general counsels.
General contractors can expect to be paid in the top tier or close to it when contracting pay. You take on more risk and responsibility as the face of the building project than many other professionals. And luckily, you are reimbursed for your efforts.
Average contracting salaries are hard to come by, but even when you’re just starting, you can expect to make at least $44,000. As a G.C., you can expect to earn more as you gain experience.
Once you’ve established yourself, reputable sources estimate that average general contracting incomes range from $70,000 to $95,000+.
What Type Of Contractors Make The Most Money?
Working as a contractor can lead to financial success, but looking for the highest-paying construction job is also a good idea. This is necessary to locate the goodies.
Regarding finding the perfect career, salary is frequently a top focus. According to U.S. Bureau of Labour Statistics, here are the ten highest Paid Contractors/construction occupations to consider in your career search.
Highest Paid Contractors/Construction Job
#1. Construction Superintendent ( Average salary: $85.3 per hour)
Superintendents are in charge of overseeing every component of a building project. Engineers, vendors, contractors, subcontractors, and consultants are hired and managed by them.
It is the responsibility of the construction superintendent to guarantee that all projects adhere to health, safety, and environmental regulations.
A superintendent’s work also entails keeping projects on budget and on schedule.
Superintendents execute quality control once a job is completed and order any further tasks that are required to complete the project.
#2. Civil engineer (Average salary: $36.6 per hour)
A bachelor’s degree is required to work as a civil engineer, while many also have a master’s degree.
Roadways, airports, bridges, harbors, power plants, public and private structures, and other projects are all designed and overseen by civil engineers.
A civil engineer’s responsibility is to ensure that projects adhere to environmental, health, and safety regulations.
#3. Construction manager (Average salary: $36 per hour)
Construction managers plan, design, and assemble most aspects of a project. They make certain that every project is completed according to the specifications.
Managers also allocate jobs to other employees, such as electricians, plumbers, and general laborers, and oversee their performance. The majority of employers require A bachelor’s degree for construction managers.
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#4. Boilermaker (Average salary: $31.59 per hour)
In new construction projects, boilermakers set up steam boilers and boiler houses. After the construction is over, they may be in charge of cleaning and maintaining the boiler system.
High school graduation or GED and completion of an apprenticeship training program are required to work as a boilermaker.
#5. Pipefitter (Average salary: $26.71 per hour)
Pipefitters work on the heating, cooling, and water systems of a building project, designing, assembling, and installing pipe systems.
Pipefitters can also weld, braze, solder, and cement properly installed pipes to guarantee that the pipes are in a structure.
You can work as a pipefitter with high school graduation or equivalent in most circumstances.
#6. Building Engineer (Average salary: $25.71 per hour)
One of the best construction jobs is building engineer. Building engineers are to maintain the construction and maintenance of a construction project’s structural, electrical, and mechanical components.
They also examine budgets and other information to ensure that their work follows the project’s specifications.
After completion, building engineers frequently stay on-site to handle repairs and preventive maintenance. A two-year college degree is required for entry-level building engineers, and a bachelor’s or master’s degree is required for advanced building engineers.
7. Electrician (Average salary: $25.26 per hour)
In building projects, electricians design, install and maintain wire systems. They ensure lighting fixtures, circuit breakers, and electrical control systems are all placed according to their instructions.
Most electricians need a high school diploma or GED, though you must be officially certified in several areas.
8. Plumber (Average salary: $25.07 per hour)
Plumbers map and install pipes in construction projects using blueprints. Plumbers are also responsible for drainage fixtures, toilets, sinks, and pipelines for air, water, and other liquids.
A high school diploma is sufficient to work as a plumber, but most states also require professional certification.
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9. Construction inspector (Average salary: $23.97 per hour)
Building inspectors are the experts overseeing the execution of construction projects.
This guarantees that they comply with government regulations, local rules, and the contractor’s requirements.
The construction inspector’s job is to approve plans that comply with the standards and, if required, issue stop-work orders to bring buildings into compliance.
This job involves inspecting all aspects of a structure, including the framework, plumbing, and electrical systems.
A high school diploma or GED is sufficient to work as a construction inspector, however, some businesses prefer a college diploma.
10. Ironworker (Average salary: $20.09 per hour)
Most employers require a high school certificate or equivalent, as well as professional certification, to work as an ironworker.
Ironworkers mould metal into columns, girders, beams, and other building components by cutting, welding, grinding, and shaping it. They help build buildings, bridges, and other constructions. Individuals in this position also collaborate with heavy equipment operators to transport finished goods to the proper location on the construction site.
Countries With The Highest Contractor’s Salary In The World
Contractor work is a viable career path that offers plenty of prospects for advancement and competitive pay.
Contractors can earn large incomes in a variety of countries. Here are a few of the best countries in the world:
1. Switzerland: (Average annual salary: $ 77, 438)
In Switzerland, a construction worker’s average salary is $77,438 yearly. Switzerland is consistently ranked as one of the world’s happiest countries.
It is not just a thriving and expanding economy but also one of the most beautiful places on the planet, with lush green valleys and stunning mountains.
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2. Denmark: (Average annual salary $ 71,565)
This is one of the best states for construction jobs. Denmark is a kingdom of vibrant cities, lovely landscapes, and an inventive society with a sustainable lifestyle.
Denmark enjoys the highest standard of living in the world.
3. Norway: (Average annual salary: $ 67,154 )
The building and construction sector is the most important industry in Norway.
The construction and maintenance of residential and commercial structures, as well as the development of roads, airports, and facilities related to defense, energy, oil, gas, trains, and tramlines, fall within the building and construction industry.
4. U.S. (Average annual salary: $ 62, 019)
California, New Jersey, Delaware, Massachusetts, Sacramento, Atlanta, and Alaska are among the highest paying states in the United States for some contractors. In the United States, around 110 000 architects are employed. An architect’s annual compensation in the country is $80 490.
5. Australia (Average annual salary: $ 54,155)
Architectural contractors in Australia have a lot of work prospects. It is a developed country with good salaries and a high standard of living.
As a foreigner, all you need to do is grasp the English language, which will allow you to navigate the city easily. Major architecture credentials from other countries are not recognized in Australia.
As a result, any qualification gained outside of Australia must be compared to Australian qualifications.
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6. Canada (Average annual salary: $47,262)
In Canada, there is currently a lack of trained workers in specialized industries such as construction. As a result, the country has launched several projects to bring in more hands from various countries to fill positions for various skilled employees.
Canada’s economy is one of the world’s most stable, with a high living level. Professionals in the construction business who aspire to come to Canada will experience job advancement and high quality of life if they possess these attributes.
The expected rise in construction in Canada is expected to enhance the demand for architects.
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7. Germany: (Average annual salary: $44,803)
In Germany, a worker working in construction, building, or installation earns an average of $32606. The pay scale is from $1,128.91 to $7667. This is the monthly average pay, which includes housing, transportation, and other benefits.
8. France: (Average annual salary: $42,2117)
In France, the average contract worker makes around $42,2117 each year. This income would have included additional job benefits in most positions in France.
9. United Kingdom: (Average annual salary: $40,692)
The average annual gross compensation for a Construction Worker is $39,1505.22 ($14.25 per hour), which is $1798.29 (-4%) less than the national average salary in the United Kingdom. The average beginning income for a Construction Worker is $27112.68. The top-paid employees can earn up to $62,248.50 per year.
10. Netherlands: (Average annual salary: $40,612)
In 2017, the Netherlands, usually known as Holland, was voted the happiest country in the world. This country offers excellent public education, infrastructure, and healthcare coverage for all citizens. Working as a contractor here is rewarding because of their rapid growth.
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Frequently Asked Questions
Elevator installers and repairers ($84,990) …
Boilermaker ($63,100) …
Construction and building inspector ($60,710) …
Electrician ($56,180) …
Plumbers, pipefitters and steamfitters ($55,160) …
Ironworkers ($53,650) …
Sheet metal workers ($50,400) …
The highest-paying country for construction employees is the United States, with an average salary of $69,300 (£53k). Construction workers in the United States are the best paid in the world, with New York City builders earning the greatest money.
The benefits of working as a contractor may outweigh the difficulties, but you must embrace the fact that it is not as simple as showing up to work every day and waiting for the money to come in.
Construction workers earn an average of $2,816 per month, which is $65 (2%) more than the national average of $2,751 per month.
Working in the construction industry may be a fun and fulfilling job. Your work contributes to some of society’s most essential and valuable structures in this sector. There are several construction jobs available for people of all skill levels.
Contractors’ work is lucrative, but there are also some high-paying construction jobs.
Because of a shortage of trained labour and advances in cost-cutting technology, the construction industry, dominated by the residential sector, is expected to grow to about $110 billion by 2025.
This suggests that working as a contractor is profitable now and will continue to be profitable in the future
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