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The article lists the top 25 newsmakers, recognized for their contributions to decarbonization and overcoming structural challenges including Sean Beatty, Manager at Turner Construction, Joe Benvenuto, Chief Operating Officer at LIFTbuild, and Robert Buckley, President of Buckley & Co.

The article discusses the ongoing trend of wage increases for craftworkers in the construction industry. Both union and open-shop employers are offering historically high wage increases to combat labor shortages and keep workers satisfied. Data from the Construction Labor Research Council shows that first-year increases in union settlements reached 4.7% at the end of 2023, and subsequent settlements are expected to be around 4.6%. The southern states have seen some of the largest increases, while the northeast has remained at the lowest level of increases. The article also mentions specific trades and the challenges faced during negotiations. Additionally, it highlights the strong pay increases for merit shop workers and the impact of inflation on workers' purchasing power. The article concludes by emphasizing the ongoing labor shortage in the industry and the potential for further wage increases in the future. [Extracted from the article]

According to a report from compensation consultant Personnel Administration Services, base salary increases for construction staff in 2023 averaged 5%, slightly lower than the previous year. For 2024, employers are forecasting average salary increases of around 4.4%, although it is expected to ultimately reach around 4.8% by the end of the year. The Southeast region reports the highest average annual base salary increases, while the Midwest, Gulf Coast, and northwest regions are forecasting lower increases. Employers may face compensation compression issues, particularly for entry-level employees whose pay is increasing faster than more experienced employees. Benefits such as paid time off and signing bonuses are becoming more important in compensation package negotiations. [Extracted from the article]

According to a report by ENR: Engineering News-Record, executive compensation in the construction industry reached a 20-year high in 2023 but is expected to decline in the coming years. Construction firms anticipate giving executives a 4.7% increase in 2024, although the actual average increase is likely to be around 5%. The cooling construction market and high interest rates are contributing to the decline in compensation. Additionally, the lack of succession planning and limited pool of candidates for senior positions are driving up compensation for future leaders. Younger employees prioritize work-life balance over compensation, which may impact future executive decisions. [Extracted from the article]

North America's Building Trades Unions have officially endorsed President Joe Biden for re-election, citing his record on job creation. The union plans to mobilize its nearly 3 million members to support Biden in key states such as Michigan, Pennsylvania, and Wisconsin. They played a significant role in delivering critical states for Biden in the 2020 election and believe they can do the same in 2024. Union leaders highlighted legislative accomplishments that benefit unions under Biden's administration, such as infrastructure investment and job creation. While some union members support former President Trump's policies, the focus for most is on job creation. [Extracted from the article]