Opportunities in General Contracting
General contractors have various opportunities to make money by renovating homes, offices, or single rooms and selling expertise in specific areas such as design or construction. Developing relationships with clients and understanding building codes are crucial for success.
Earnings Potential
- The average income of a general contractor is $44,000 and can increase with experience to over $95,000.
- Location plays a significant role in earnings, with contractors in high-cost areas like New York City earning more.
- According to the Bureau of Labor Statistics, the median annual wage for general contractors was $89,300 in 2016, with a range from under $53,740 to over $158,330 based on factors like training and education.
Becoming a Successful General Contractor
To succeed as a general contractor and aim for higher earnings, it’s essential to focus on finding and winning lucrative contracts, building relationships, and staying updated on industry regulations. Education and experience also play a key role in determining salary.