Hourly rates can be funny things. Rates don’t mean much since some people work faster or more effectively than others. At the same time, though, many of the projects you propose or bid on require hourly rates.
How do you set a realistic hourly rate that ensures you’re going to be able to pay everyone, cover overhead and other non-chargeable costs, get the work done on time and make a reasonable profit?
A good starting point for setting hourly rates is some type of published wage scale.
These wage scales aren’t all-inclusive, however. You still must add your overhead amounts to cover benefits, rent and other expenses as well as general and administration and profit.
If you’re bidding on Colorado Department of Transportation projects or many other projects with a federal government component, you probably need to use Davis-Bacon Act wage tables — often referred to as the prevailing wage or Service Contract Act for services. In the absence of other guidelines for your proposals and bids, these wage rates offer a great starting point.
The Davis-Bacon Act requires each contract for more than $2,000 to which the United States or District of Columbia is a party for the alteration, construction or repair of public buildings or public works to contain a clause setting forth the minimum wages to be paid to various classes of laborers and mechanics employed under the contract.
Contractors or their subcontractors must pay workers employed directly upon the site of the work no less...
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