2014 Single-Family Builder Compensation Study
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2014 Single-Family Builder Compensation Study - NAHB Economics & Housing Policy Group
Survey
I. EXECUTIVE SUMMARY
The 2014 Single-Family Builder Compensation Study shows data on compensation and benefits for 39 common positions at single-family home building companies. The data are broken down by region and size of the builder (starts, dollar volume, and employees).
A majority of all single-family builders (88 percent) responding to the survey have a President/CEO. Forty percent report having a Superintendent, 37 percent a Bookkeeper, 34 percent a VP of Construction, 27 percent a Project Manager, and 22 percent report having a CFO/Head of Finance. The remaining 33 positions listed exist at 20 percent or less of the responding firms.
Respondents were asked to report the annual salary and bonus (if any) of each position existing at their firm. To produce the average total compensation for any one position, its average annual salary and its average bonus (computed among all respondents who actually reported the position) were combined.
The top five highest average total compensation levels are: President/CEO, at $151,988 (position exists at 88 percent of responding firms); Head/Director of Land Acquisition, at $145,537 (exists at 7 percent of responding firms); VP of Construction, at $126,305 (exists at 34 percent of responding firms); Head/Director of Sales & Marketing, at $117,140 (exists at 20 percent of responding firms); and CFO/Head of Finance at $116,864 (exists at 22 percent of responding firms).
The lowest five average total compensation levels are: Receptionist, at $31,997 (exists at 9 percent of responding firms); Model Home Host, at $34,270 (exists at 8 percent of responding firms); Administrative Assistant, at $37,743 (exists at 12 percent of responding firms); Bookkeeper, at $41,274 (exists at 37 percent of firms); and Executive Assistant at $42,612 (exists at 15 percent of firms).
Respondents were also asked about which of a list of 13 fringe benefits (health insurance, dental insurance, vision program, prescription program, life insurance, short-term disability, long-term disability, flex spending, 401K, paid vacation leave, paid sick leave, tuition reimbursement, and training) they offered to each of the positions existing at the firm.
The most common offered benefits were health insurance and paid vacation leave. Among builders who reported the existence of each of the positions, at least 70 percent provide them with health insurance, except for the production manager (59 percent). At least 74 percent of those who report each of the 39 positions offer paid vacation leave.
For each position, except Office Manager and Project Manager, the lowest share of builders responding offered tuition reimbursement. Less than a third of builders responding offered tuition reimbursement to any of the 39 positions.
II. INTRODUCTION
The 2014 Single-family Compensation Survey was conducted in July 2014 by the NAHB Housing Policy and Economics Group. The objective of this survey is to collect data on compensation and benefits for common positions at single-family home building companies. The data can be used to benchmark how single-family builders compensate their employees.
The survey questionaire (Appendix V) was electronically sent to 4,939 single-family builders in July 2014. Responses were received from a total of 335 builders, for a response rate of 7 percent¹. Results in this report are broken down by region, expected 2014 dollar volume, number of single-family units started in 2013, and the number of employees on payroll (all details shown in Appendix IV). Exhibit 1 shows the distribution of responses for these categories.
Exhibit 1. Distribution of Responses
¹ Response rates for past compensation studies have been 5 percent or below.
III. BUILDER PROFILE
PRINCIPAL OPERATION
Fifty-six percent of respondents reported the principal operation of their firm to be single-family custom building, while 28 percent reported single-family spec/tract building, and 13 percent single-family general contracting. The remaining 4 percent reported some other type of principal operation (Exhibit 2).
Exhibit 2. Principal Operation
The builder’s principal operation varies over the number of units built. Builders who started a large number of units in 2013 tend to be single-family spec/tract builders, while builders who started fewer units tend to be single-family custom builders. Seventy-four percent of builders who starated 100 or more units in 2013 are single-famiy spec/tract builders, while 15 percent are single-family custom builders. Half of the builders who started 11 to 99 units are single-family spec/tract builders, while 37 percent are single-family custom builders. Ten percent of builders who started 1 to 10 units are single-family spec/tract builders, while 73 percent are single-family custom builders (Exhibit 3).
Exhibit 3. Principal Operation by Number of Units Started in 2013
NUMBER OF UNITS STARTED
On average, single-family builders expect to build more units in 2014 than in 2013. The average number of single-family units started by survey respondents in 2013 was 39, and the expected number of starts for 2014 is 45. In 2013, 55 percent of respondents built between 1 and 10 single-family units, 18 percent built between 11 and 25 units, 14 percent built between 26 and 99 units, 8 percent built 100 or more units, and 5 percent built none. In 2014, 54 percent of respondents expect to build between 1 and 10 single-family units, 21 percent between 11 and 25 units, 16 percent between 26 and 99 units, 8 percent 100 or more units, while 1 percent expect to build no units (Exhibit 4).
Exhibit 4. Number of Units Started
EXPECTED 2014 DOLLAR VOLUME OF BUSINESS ACTIVITY
Among builders responding to the survey the median expected dollar volume in 2014 is $4.3 million. Seventeen percent expect their company’s dollar volume to be less than $1 million, 39 percent between $1 million and $4.9 million, 18 percent between $5 million and $9.9 million, 10 percent between $10 million and $14.9 million, and 15 percent $15 million or more (Exhibit 5).
Exhibit 5. Company’s Expected Total Dollar Volume of Business in 2014
YEARS COMPANY HAS BEEN IN BUSINESS
A majority of respondents, 70 percent, have been in business for more than 12 years,