The 2023 Association for Project Management (APM) Salary and Market Trends Survey reveals project professionals in construction currently receive an average salary of £57,500 – a rise of 10% from £52,500 in 2021.
The construction sector is joint second in the latest annual rankings alongside consultancy, hospitality and telecoms. At the top are financial services and energy and utilities, both at £62,500.
The average salary for all project professionals sector-wide has remained unchanged since 2020 at £47,500.
The survey found that 59% of project professionals in construction earn above £50,000. The majority enjoyed a pay rise in 2022, with 68% seeing their average salary increase.
Across the profession within the sector, 87% said they are satisfied in their role, 81% are optimistic about the supply of jobs, and 71% are expecting their pay and benefits to rise. Meanwhile, 72% of companies are looking to recruit additional staff.
Professor Adam Boddison OBE, Chief Executive of APM, said: “The construction sector has enjoyed a positive 10% average salary growth among project professionals and has retained its position as one of the most well-paid sectors for the profession, this year’s Salary and Market Trends Survey shows.
“This does not come as a surprise, given the incredible resilience and innovation the sector has consistently shown to navigate successfully out of the pandemic and overcome uncertainties to play a vital role in the post-Covid economic recovery.”
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Recent studies conducted by leading industry experts in the construction business have found that project managers’ salaries have risen by ten percent since 2019.
This major shift in the construction business comes at a vital time, when many experts were predicting that construction could be one of the industries to be hit hardest by the current economic downturn due to many projects being delayed or even cancelled. The development of project manager salaries being up by ten percent in comparison to last year suggests that the industry may be beginning to recover and, that despite the uncertain times, prospects within the construction industry still remain strong.
The upward trend in project manager salaries has been particularly prominent in the commodities sector, where there has been a surge in demand for project managers who can manage and mitigate the risks associated with global supply chains. The roles may range from monitoring emerging markets to overseeing logistics and contract management. With global trade increasingly focusing on sustainability and ethical practices, project pros in this sector must be able to take into account the short, medium and long-term effects of their decisions.
Overall, the data clearly shows that in spite of a difficult economic climate, companies throughout the construction industry are starting to recognise the need for highly skilled project professionals who can help organisations navigate through the commercial realities of the current market.
This shift towards more positive employment prospects within the construction industry is not only good news for jobseekers, but for the industry as a whole. By investing in the correct support and training for project managers, companies are creating an environment where those responsible for making crucial operations and financial decisions have the tools and resources to thrive in their roles.
Therefore, this data is an encouraging sign that shows the industry is on an upwards trajectory for 2021 and beyond. Hopefully, more companies will continue to invest in the development of project pros to ensure that the industry can continue to build on its strong foundation with the help of its dedicated and loyal workforce.
