When it comes to a highly competitive space like architecture, these facts will give you valuable insights into which industries and areas are the most lucrative.
According to the US Bureau of Labor Statistics (BLS), architects earn a mean annual salary of $88,860, which equates to a mean hourly wage of $42.72. However, the industry in which an architect is employed plays an influencing role in how much he or she takes home.
While many architects across the country are gainfully employed full-time, including several who work overtime, others prefer being self-employed so that they can reap the benefits that come along with having a flexible schedule. Regardless of the work-life balance you seek, knowing which sectors and states provide the best remuneration, will help you make key decisions about your future.
The Most Lucrative Industries
Whether you have recently graduated or if you are looking to change your industry, here is a list of sectors that offer the highest pay for architects. The amounts are indicative of salaries per annum.
- Insurance Carriers – Average Salary $114,360
- Scientific and Technical Services – $109,500
- Electric Power Generation, Transmission and Transmission – $107,610
- Scientific Research and Development Services – $103,080
- Real Estate – $100,530
The Best Paying States
Architects who work primarily in urban and metropolitan areas earn more than their counterparts who are employed in suburban and rural landscapes, even if they work in the same state. According to BLS statistic for 2018, the states where architects earn the highest annual mean wage are:
- New York – $109,520
- Massachusetts – $103,920
- District of Columbia – $100,770
- Texas – $99,580
- Arizona – $95,220
- California – $95,060
- Florida – $82,710
- Illinois – $79,520
Insure Your Future Earnings
Irrespective of which industry or area you choose to be employed in, it is essential to secure your earnings. Since your job is so highly technical and requires accurate calculations for any design or plan, and great attention to detail, the chances of errors and omissions occurring is quite high. So, your risk management needs have to be met by a robust architect’s professional liability insurance that provides you with adequate coverage. Besides paying for your legal and other related costs, a comprehensive insurance policy will even cover loss of income and/or pay for settlement amounts if a client claim is authorized by the court.
By the year 2022, architectural jobs across the US will increase by 4%, and the BLS forecasts that approximately 18,600 new jobs opportunities will enter the market by then. In our increasingly litigious society, by safeguarding your interests, you will have that indispensable peace of mind and the backing to send your architectural career sky high.
DISCLAIMER: The information provided on InvestmentTotal.com is for general informational purposes only. The content on this website is not intended to be, and should not be construed as, professional financial advice.