Industry Benefits Summary

Construction Industry- Employee Benefits Summary

Booming Residential Markets Lead to High Demand for Quality Construction Workers

Whether your construction business works on skyscrapers or unique building finishes, your employees; from bricklayers to electricians; are the foundation of your service offerings. Completing projects safely, on time, under budget, and with high customer service are directly correlated to the quality of your output.

You need the right set of benefits to attract and retain the best talent in your market. In the construction field, a higher amount of physical labor can result in an increased number of workers comp claims and higher overall medical expenses. Because of this, quality short and long term disability plans are important.

How do your benefits compare to other construction companies?
Download Your Custom Benefits Report Now

Construction Industry Employment Summary

There are an estimated 170,000 construction companies in the United States, employing over 680,000 people. In general, the industry is heavily male, with the average employer having four full-time employees, making it more important than ever to invest in the right employee benefits. Doing so will save your company money, help to retain the best employees, and can prevent unforeseen costs.

High Level Benefits Summary

74%

What percent of construction companies offer medical insurance?

  • 74% of construction companies offer medical benefits to their employees. This is higher than the national average of 69%.
  • The average flat monthly employer premium for family coverage is $1,065.
  • Comparatively, the average flat monthly employer premium for single coverage is $445.

75%

What percent of construction companies offer life insurance?

75% of construction companies offer life insurance, which is again below the national average.

17%

What percent of construction companies offer short and or long-term disability insurance?

29% of construction companies offer access to a short-term disability plan, and only 17% offer access to a long-term disability plan. These are both well below the national averages.

36%

Do construction companies provide access to paid family leave?

  • 11% of construction companies provide access to paid family leave compared to the national average of 20%.
  • Unpaid family leave is offered at 81% compared to the national average of 88%.
  • Consolidated leave plans are only used in 36% of construction companies compared to the national average of 44%.

Summary

The construction industry has unique risks. Employers look to offer competitive medical insurance with the national averages but are below average in their disability, life, vacation, and leave as well as retirement offerings. If an employer can better design a plan, you should be able to attract and retain top-quality employees and use this plan as a differentiator.

Next Up

How Does Your 401k Offering Stack Up To Other Employers?
Given their prominent position that 401ks hold in the context of modern workforce management, a closer look at some of the surrounding issues can help ensure that your organization’s offerings remain viable relative to the other employers with which you are competing for talent.
The CFO Role: Less Accounting & More Strategy - Including People Strategy
A look at the state of finance departments across US companies over the last few years reveals an interesting mix of stability and change.
The Market Employment Summary for February 2024
Each month, Mployer Advisor breaks down the Bureau of Labor Statistics’ most recent State Employment and Unemployment Summary to highlight some employment trends across various markets. This is an overview of February’s report.