What is the best time to ask for more money (a pay increase)?

For construction professionals, it is always best to ask for a pay increase only after you have made a significant contribution to the firm, or are coming off a victory (accomplishment) so you are looked upon with favor. However you will need to research the construction marketplace in your location to determine what fair pay scales are for your particular position before asking for pay increases that might not be competitive. Being slightly overpaid based on the market rates is fine, but you do not want to be highly overpaid since it places you at risk of being terminated when times get tough for the construction employer. This seems controversial, but too often the last person hired, or the highest paid person are the ones initially laid off during a recession, regardless of performance.