What is the prevailing wage threshold for construction contracts in excess of?

The prevailing wage threshold for construction contracts is significant because it dictates when contractors must pay workers the prevailing wage rates, which are typically higher than standard wages. In New Jersey, the prevailing wage law applies to public works projects where the total cost exceeds $2,000. This threshold ensures that workers on these projects receive fair compensation that reflects the local wage rates for similar work. Contracts below this threshold are not subject to the prevailing wage requirements, which means that for contracts over $2,000, compliance with these wage regulations becomes mandatory. Understanding this threshold is crucial for public works managers to ensure compliance and proper budgeting for projects.