The first part of the Industry payroll analysis for electrical contractors in Cuyahoga County deals with the total annual payroll for all establishments in the industry. We find that in 2003 this number was $163,251,000 and by 2012 it has risen by 15.2% to $188,054,000. The analysis also shows that after a steady upswing from 2003 to 2008, there was quite a substantial drop from 2008 to 20010 where the total payroll dropped to $155,183,000. This makes sense since this time period coincides with the great recession. It was only in 2011 that the total payroll number picked up again and made a very decent recovery to the its pre recessions levels in 2008.
The second part of this analysis is the total number of paid employees - this number has been covered in our previous analysis on the industry establishments analysis. To quickly summarize we see a 15.1% decrease in the total number of paid employees over the decade starting 2003 to 2012.
The third part of the Industry payroll analysis actual deals with the average annual employee payroll for electrical contractor establishments in Cuyahoga County. Bottom line over the decade average annual payroll for employees have increased 35.7%. In 2003, the typically employee working in an electrical contractor establishment made $43,429 and this number increased to $58,933 in 2012. What is important to note is that after increasing steadily from 2003 to 2008, the average annual payroll did drop in 2009 & 2010. Once again this can be attributed to the great recession of 2008.
It is clear to see that the electrical contractor business is not immune to the business cycle and seasoned veterans like Andy and Jose are only too aware of the slow times that invariably come after a few good years.
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