If you`re considering becoming a general contractor, one of the most important things you`ll want to know is how much money you can expect to make. Of course, the answer to that question can vary widely depending on a range of factors, including your location, your level of experience, and the types of projects you take on. Nevertheless, there are a few general figures that can help give you a rough idea of what you can expect to earn.
According to data from the Bureau of Labor Statistics (BLS), the median annual salary for construction managers (which includes general contractors) was $97,180 as of May 2020. However, that figure can be somewhat misleading, as it takes into account a wide range of experience levels and types of projects. For instance, construction managers in the top 10% of earners make more than $168,000 per year, while those in the bottom 10% make less than $57,000.
It`s also worth noting that general contractors` earnings can vary greatly depending on the location in which they work. For instance, a general contractor working in a high-cost urban area like San Francisco or New York might be able to charge significantly more for their services than one working in a more affordable suburban or rural area.
Another important factor to consider is the type of projects you take on. General contractors who specialize in high-end residential or commercial projects may be able to command higher rates than those who work on smaller, more basic projects. Additionally, contractors who have experience working with complex, specialized materials or techniques may also be able to charge more for their services.
Ultimately, the amount of money you can make as a general contractor will depend on a range of factors. However, if you have the right combination of skills, experience, and business savvy, there`s potential to earn a comfortable living in this field.