As the construction industry grows, so does the demand for contracts managers. These professionals play a crucial role in overseeing legal agreements and ensuring that projects run smoothly. So, how much can you expect to earn as a contracts manager in construction? Let’s take a closer look.
Salary Range
According to data from the Bureau of Labor Statistics, the median salary for construction managers was $97,180 as of May 2020. However, this figure doesn’t specifically break out contracts managers from other construction management positions.
Therefore, we can look at other sources for more specific data. According to Payscale, the average salary for a contracts manager in construction is $87,000 per year. This figure can vary depending on factors such as location, experience, and company size.
Location
As with most jobs, location plays a significant role in determining salaries. In general, contracts managers in construction tend to earn the most in cities with high costs of living. For example, the average salary for a contracts manager in construction in New York City is $103,000. In San Francisco, it’s $101,000.
Experience
Experience is another critical factor in determining salary. Entry-level contracts managers in construction can expect to earn around $60,000 annually. However, with several years of experience, that number can increase significantly. According to Payscale, contracts managers with 10-19 years of experience earn an average of $97,000 per year.
Company Size
The size of the company you work for can also impact your salary as a contracts manager in construction. In general, larger companies tend to pay more than smaller ones. According to Payscale, contracts managers in construction at companies with 1,000 or more employees can expect to earn an average of $93,000 per year.
Conclusion
In conclusion, contracts managers in construction can expect to earn a competitive salary ranging from $60,000 – $103,000 per year. However, it’s important to keep in mind that factors such as location, experience, and company size can impact earnings. With the right skills and experience, contracts management can be a lucrative and rewarding career path in the construction industry.
