Remodeling contractors are professionals who specialize in renovating homes or commercial properties. They work with clients to transform spaces and help them achieve their desired results. If you’re considering a career as a remodeling contractor, one of your top concerns may be salary. In this article, we’ll explore the typical income of remodeling contractors and what factors can influence their pay.
Salary Range
According to the Bureau of Labor Statistics (BLS), the median annual wage for general remodeling contractors was $51,380 in May 2020. However, salaries can vary based on several factors, including experience, location, industry, and type of work. The lowest 10 percent of earners made less than $31,910 per year, while the top 10 percent earned more than $93,440 per year.
Experience
Remodeling contractors with more experience tend to earn higher salaries. Most contractors start out as apprentices or helpers and work their way up as they gain expertise. Those who have been in the industry for many years and have a proven track record of successful projects often earn more than those who are just starting out.
Location
Your location can also have a significant impact on your salary as a remodeling contractor. In general, contractors in major metropolitan areas or regions with a high cost of living tend to earn more than those in rural areas or smaller towns. For example, remodeling contractors in California, New York, and Hawaii tend to earn higher salaries than those in other states.
Industry
Remodeling contractors can work in a variety of industries, including residential, commercial, and government. The industry you work in can impact your salary. Residential remodeling contractors tend to earn the least, while those who work on commercial or government projects typically earn more.
Type of Work
The type of work you do as a remodeling contractor can also affect your salary. Some contractors specialize in specific types of remodeling projects, such as kitchen or bathroom renovations. Others work on larger-scale projects, such as whole-house renovations or commercial buildings. Generally, contractors who work on larger projects tend to earn higher salaries.
Conclusion
As a remodeling contractor, your salary can vary based on several factors, including experience, location, industry, and type of work. While the median annual wage for general remodeling contractors is around $51,380, top earners can make more than $93,440 per year. To increase your earning potential as a remodeling contractor, consider gaining experience, specializing in a specific type of project, or working in a high-cost-of-living area. With dedication and hard work, you can build a successful career in this rewarding and creative field.