Electricians, handymen and painters are at the top of the list of those most likely to get a six-figure income. Over a quarter of Australian tradies are earning an admirable $100,000 a year, according to recent data.
The findings reveal that men aged between 40 and 53 have the highest likelihood of earning a salary of over $100k. Furthermore, the closer they work to the CBD, the better is their chance of achieving these salaries.
Over a quarter of tradies in Australia have over $50,000 in savings.
Jeremy Levitt, CEO of ServiceSeeking.com.au, also agrees that the two most important factors that increase a tradie’s earning power are age and location. Less than one-fifth of Generation Y and less than one per cent of Generation Z are earning more than $100,000 in the construction game.
Who are the highest earners among the tradies? Property maintenance contractors who earn $151,250 a year, followed by painters at $140,000 annually, according to ServiceSeeking.com.au.
A few interesting points:
• Over a quarter of tradies in Australia have over $50,000 in savings.
• Nearly 30 per cent of tradies says they've completed a bachelor's degree.
• Approximately a quarter started working in their chosen field after completing high school.
With the national average income in Australia being $85,800, the tradie income looks impressive. However, more and more families say they are struggling to meet the cost of living, even with a six-figure salary. It is especially the case of those living in the inner city suburbs.
In the past 12 months Australian wages have increased by an average of 2.1 per cent, around 1.5 percentage points below its average of the past decade. CPI is at 1.9 per cent for the 12 months to September 2018. This fine margin has left many in the red, particularly the lower income earners.
Construction jobs, however, are showing strong demand and growth. In a recent report from Indeed, they listed the top 30 jobs in Australia for 2018.
Along with technology roles, building and construction were a standout. Indeed examined tens-of-thousands of job posts to identify well-paid roles that have seen substantial levels of growth while presenting great opportunities for job seekers.
Given the ongoing shortage of tradespeople in Australia, traditional trades like electricians and carpenters should continue to enjoy career prospects and financial opportunity.
Women in Construction Outlook
Recent research shows that almost 30 per cent of construction trades are experiencing shortages compared to just 20 per cent last year. In NSW, a recent survey has found that 85 per cent of construction-related occupations are in shortage and suffering recruitment difficulties.
“Building and construction is the nation’s second largest industry and one of the highest paying. It currently employs more than a million Australians but only 11 per cent of them are women”
Attracting more women to work in construction would certainly assist in tackling these numbers. Many leading firms have already realised that, calling for more women to join the Industry. Master Builders Australia, for example, is focusing on bridging the gender pay gap.
“Building and construction is the nation’s second largest industry and one of the highest paying. It currently employs more than a million Australians but only 11 per cent of them are women,” Masters Builders Australia CEO, Denita Wawn told Roads and Infrastructure.
“There are great opportunities for women to achieve financial security and independence through a wide range of careers in our industry now and in the future,” she added.
Construction Jobs Continue to Grow
The Australian property and construction sector is driving demand for a variety of roles, with lead carpenter, electrical foreman, senior landscape architect, site engineer and survey technician on the leaderboard as we head into the new year.
According to the Job Outlook website, construction is in the top four industries expected to see job growth over the next five years (to 2023). This is alongside Health Care and Social Assistance, Education and Professional, Scientific and Technical Services.