Home Plumbing Contractor Free Plumbing and Heating Contractor Business Plan 4.19 Industry Payroll for Target Market Analysis
4.19 Industry Payroll for Target Market Analysis
The Industry payroll analysis for plumbing contractors in Mecklenburg County has three sections:
- The first part analyzes the total annual payroll for all plumbing contractor establishments in Mecklenburg County over a decade.
- The second part looks at the total number of paid employees working in plumbing contractor establishments in Mecklenburg County over a decade.
- And finally, the third piece of this analysis looks at the average annual employee payroll for plumbing contractors in the target market of Mecklenburg County.
The total annual payroll for plumbing contractors in Mecklenburg County was $186 million in 2005 and actually rose all the way to $241 million in 2008, at the peak of the housing bubble and before the great recession. From there we find that the total payroll dropped to a low of $177 million in 2012 and since then it has recovered all the way back to $209 million.
The analysis for the total number of paid employees has been covered in the previous section that deals with establishments and employee analysis. This analysis has been repeated in the Industry payroll analysis to be able to lay the foundation down for the next critical piece of analysis - the average annual employee payroll.
The average employee payroll analysis shows what the average employee makes working for a plumbing contractor. In 2005 the average annual employee payroll was $42,101 and by 2014 this number had gone up to $49,915 which is an increase of 18.6% over a decade. Thus even though there was a drop in the average annual employee payroll in 2009, it picked up quickly and has actually shown a steady increase.
What this means for Felix and Michael of Central Plumbing and Heating is that hiring workers is not going to be cheap. While they will be doing most of the work themselves, both Felix and Mike realize that on larger projects they will need to hire sub-contractors - the cost of this is going to have be factored in to the bidding and estimation process.
Quick Links:
- Go to the Corresponding Template section for this industry.
- Go to the Corresponding Questionnaire section for this industry.
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