Straight From the Goldbeck Database: Wages for Construction Project Managers May Increase 5.75% in 2014
A lot of press ink has been spilled describing how construction workers are in short supply.
What’s getting less attention, however, is how the labour market is tightening for one senior position in particular: Construction Project Managers.
I dug into our database of job orders and placements and found that in the last four years, demand for Construction Project Managers has significantly increased.
In fact, in my construction portfolio, Construction Project Managers are the jobs I most frequently recruit – and demand is increasing each year:
- In 2010 and 2011, 26-38% of the construction jobs I recruited for were Construction Project Managers.
- In 2012 and 2013, Construction Project Manager positions a accounted for 53-57% of my construction portfolio.
- In the first quarter of 2014 – despite some tough industry announcements in February – demand for these senior positions is already up 5%, and
- Fully 60% of construction roles I’m currently recruiting are construction managers.
Wages for Construction Project Managers are increasing, too.
The VRCA 2013 Salary Survey reported salary bands ranging from $90,000 to $120,000.
According to the postings and placements in our own Goldbeck Recruiting database, however, recent ranges are higher than that: $96,943.33 to $130,280.00.
Based on the increases in starting salaries recorded in our database over the last four years, it’s possible that starting salaries for Construction Project Managers may increase 5.75% in 2014.
Keeping pace with increased demand and rising salaries, lead times to fill Construction Managers positions have doubled.
(Using a recruiter can shorten lead times; we recently filled an Industrial Construction Manager position with a salary range of $206,000 to $237,000 in only six days.)
An increase in the number of Construction Project Managers + an increase in salaries + an increase in lead times…
What this means for construction companies:
In 2014 through 2017 retention and recruiting of Construction Project Managers will become more challenging – and more important.
- Retention should be your top priority. Review salaries, benefits and job satisfaction now – and make strategic adjustments – so your competitors can’t poach your key senior professionals.
- Do you need a Construction Project Manager? Start recruiting before the busy summer months and five months before you need to fill your opening – but be ready and willing to make an immediate offer so you can secure your star candidate.
The other job I’m recruiting for more frequently is Senior Estimator.
However, I don’t expect demand to greatly increase – or salaries to significantly rise – this year. In 2014, labour market supply and demand will be fairly balanced for Senior and Chief Estimator positions. 2015 and
2016, however, will be a different story. I’ve pulled the numbers from our database and I’ll be publishing my report on labour market and salary prospects for Senior Estimators shortly. If you’d like a copy when it’s ready, go ahead and sign up here:
image credit: U.S. Army Corps of Engineers photo by Marc Barnes
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