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New York construction companies are increasing pay and benefits to keep -Sexe In a tight labor market, according to a new study of 2025 by the Bonadio Group, a National New York City Advisory and Accounting Firm.
The report, which surveyed more than 200 contractors in New York, revealed that construction companies feel that the general cost of the building. Many companies reported that they had to transmit higher costs to customers or simply delay the projects of all.
Global and non -residential entry prices are now 0.8% higher than a year ago and sit more than 40% higher Compared to February 2020. In the meantime, the number of outings jumped for 17,000, marking the second consecutive month of increase.
In response, companies also invest in labor development programs, expanding flexible work options and introducing mental health resources to attract and retain talent, said Nancy Cox, leader of the construction industry and the real estate industry of the Bonadio group.
However, despite these efforts, COX said that contractors do not fully take advantage of available tax credits, which could help relieve some of these costs concerns.
Here, Cox talks about immersing the construction of New York construction salaries, benefits packages and how to keep it competitive.
This interview was edited by Clarity and Breveity.
Construction Division: How do New York contractors fit in the midst of labor shortages and the costs of materials?
Nancy Cox: From the results of our study, we found that salaries have increased by 12.4% on average as they persist shortage in the industry.
Nancy cox
Courtesy of Bonadio’s group
In order to stay competitive, companies are also implementing other strategies such as offering bonuses based on performance, retirement plans for sharing benefits and training and labor training programs.
For example, about 79% of companies offer cash bonuses, including incentives based on performance and referrals. At the same time, more than 90% of construction companies provide retirement plans, more often through benefits sharing models that link the success of employees and the company.
Like most other industries, companies will have to implement new tools such as artificial intelligence and other operating efficiency in order to balance the salary growth between increasing costs.
The study indicates a change to more personalized benefits. What changes do companies make?
Our survey found that companies are expanding their benefits for employees, such as flexible work arrangements, financial planning assistance and mental health support and well -being programs.
In addition, companies invest in advanced security control systems and smart personal protection equipment to improve the safety and satisfaction of workers.
What else did you highlight in the report that contractors could overlook?
One thing that found it interesting to us is that most respondents are not currently taking advantage of the federal federal and state employment credits, such as the credit opportunity tax credit.
About 82% of the respondents did not know the federal and fiscal credits of the state occupation available. The WOTC is nuanced, but it could foresee substantial credits for the recruitment of less represented veterans and groups.
