Average Salary of a General Contractor
The average salary of a general contractor can vary depending on factors such as location, experience, and project complexity. According to the Bureau of Labor Statistics, the median annual wage for general contractors was $97,180 as of May 2020.
How to Increase Your General Contractor Salary
There are three main ways to increase your general contractor salary:
- Find the right clients
- Own your business
- Expand your services
General Contractors’ Earnings and Factors Affecting Income
General contractors typically charge a percentage of the project cost, with 15% to 20% being typical. For larger renovations, the percentage may exceed 25%. They also charge a markup on materials, subcontractor labor, and the total job cost. The ability to manage a team effectively and utilize necessary resources can lead to higher salaries for general contractors.
Licensed General Contractor Salary in Florida
Reputable sources estimate that general contracting salaries in Florida range from $70,000 to over $95,000 for established contractors. With experience, contractors can potentially charge upwards of $500 per day, resulting in an annual income around $90,000. To become a licensed contractor in Florida, individuals need at least 4 years of journey-level experience and must pass an exam. Military experience may also count towards this requirement.