Even in the face of the pandemic economy, construction industry compensation packages increased by 2.8% last year, according to a new report issued by the Construction Labor Research Council.
The compensation packages include wages, fringe benefits, and other employer payments.
Regionally, the largest compensation packages were seen in the Northwest with a 4.0% increase over 2019; with the smallest increase recorded in the southeast and south central parts of the country, at 2.6% each.
Overall increases ranged from 2.0% on average for ironworkers to 4.4% for operating engineers.
According to earlier CLRC figures, boilermakers, ironworkers, and pipefitters are generally the recipients of the largest compensation packages; while plasterers, painters, and roofers are usually lower on the list.
Construction industry compensation packages in recent years have averaged anywhere from 2% to 2.5%. Such packages reached a historic high in 2008 at 4.6%, but fell dramatically to 1.7% during the depth of the Great Recession.
The industry saw a steady compensation increases in the years to follow, topping out at 3.0% in 2018.
Wages typically comprise the vast majority of compensation packages, followed by retirement and healthcare benefits. A smaller package portion is comprised of vacations and apprenticeships.
The Washington-based Construction Labor Research Council tracks labor costs, contract evaluations, and workforce demographics, among other subject areas.
By Garry Boulard
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