In today’s challenging job market, many are struggling to find a well-paying and stable job. This is especially true given that artificial intelligence (AI) has proven to be a serious threat to many careers, including healthcare, education, information technology, and creative fields.
Those who are mathematically inclined and enjoy manual labor may find themselves drawn to residential contracting, which involves building and repairing homes. This field provides great opportunities, including a good wage, career opportunities, specialization, and job security. Today, we’ll review the benefits of this field and then discuss how to get started.
Residential Contractors Make a Great Salary
According to ZipRecruiter, the average annual salary for a residential general contractor is $74,905. However, Glassdoor notes that the median salary is over $90,000, and many contractors can make more than this, depending on their experience.
Given that the average salary in the United States is just $66,622, and many Americans make less than $35,000 a year, general contracting can open a wealth of opportunities for those willing to work hard and improve their skills.
There Are Many Opportunities for Career Advancement
Unlike many dead-end jobs, residential contractors have plentiful opportunities to improve their skills and make even more. One of the most popular options is construction management, where you oversee the entire process. You can also move into commercial general contracting, which often involves larger bids and higher pay.
Some choose to use their skills for consulting work, such as advising construction firms. You could even become a teacher at a technical college if you’d like a stable job that requires less hands-on work.
You Can Select from Numerous Subspecialties
While most people think of general contracting when they think of residential construction, you can also choose to focus on a particular specialty, such as HVAC, plumbing, roofing, flooring, or masonry. These specialized skills are in high demand and will net you even more income than general contracting.
You will need to get additional training, pass different tests, and gain practical experience. However, if this interests you, there are many opportunities to learn on the job while studying for your exams.
Contracting Offers Job Security
Those who choose residential contracting as a career path are in luck because this field is in high demand. The US Bureau of Labor Statistics estimates that this sector will grow by 7% between 2023 and 2033, though some estimates are even higher. The Home Builders Institute forecasts suggest that construction employment will grow 3.6% annually through 2031, which is a very rosy outlook.
Residential construction is especially hot in areas experiencing strong population growth, especially because single-family homes are the most popular construction project. However, housing shortages exist nearly everywhere in the US, including high-income areas like Texas and Florida.
Homes also require constant maintenance. Residential contractors can find lucrative work repairing and remodeling homes, so even those who don’t build new residences will receive a steady stream of job offers.
How to Become a Residential Contractor
Residential contracting requires several years of training and formal instruction. Specific requirements vary by state, making it important that you check what your state board needs before applying to take your licensing exam.
In every state, you will have to take a written test, which may or may not be open book. Many allow you to take the National Standards Residential Building Contractor exam and a state-specific test that discusses building codes and laws for your state. If you choose to take the national exam, it’s easier to transfer your license.
However, your training does not stop after you get your license. Many states require a certain amount of continuing education before you can renew your license. As an example, the Minnesota residential contractor continuing education requirements are 14 hours of credits per renewal period.
While some states do not require continuing education, including Maryland, Massachusetts, Michigan, and South Dakota, it’s still a good idea to continue honing your skills and learning more about your profession.
Next Steps for Contractors
Residential contracting does provide extensive training on business management, but some may want to go even further so that they can take their business to the next level. Those who are interested in improving their business skills may choose to get a Bachelor’s degree or Master of Business Administration. While it can be difficult to stay motivated during college, especially if you are working a full-time job, diversifying your skills can be an excellent way to ensure that you can always find work.
This is especially true for residential contractors, as you may be injured on the job or simply be unable to perform the manual labor necessary to succeed. By understanding the business side of the profession, you can ensure that there’s always a place for you in the industry.
Residential contracting is an excellent career path for those who have strong technical skills and enjoy working with their hands. It offers job security, additional training opportunities, and specialization options for even greater pay. Through studying and continuing education, you can stay up-to-date with the latest trends while enjoying steady pay.