Despite skyrocketing construction unemployment, most companies are trying to hold steady on compensation to retain existing talent and stay competitive during the recession. Although many firms are trying to keep raises in line with cost-of-living increases, others are freezing salaries. Nearly 20% of respondents to a survey conducted by construction-compensation consulting firm PAS Inc. say they would not increase salaries this year, but only 1% say they would reduce them. Related Links: Razor-Thin Margins As Contractors Fight For Stimulus Projects Costs Post Rare Quarterly Decline Slow Payment Is Sapping Contractors Strength A Strong Market Still Has High Risks Complete 2nd
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.