US public sector construction spending totalled $329 billion U.S. in 2019. US commercial construction spending totalled $92 billion in 2019. US single-family residential construction spending totalled $276 billion in 2019. … In 2019, the construction industry accounted for 4.1% of the US GDP.
Consider these mind-blowing bits of Construction Spending Data from Levelset:
- FMI forecasts spending to reach $314 billion by 2023, an increase of 5%.
- US multifamily residential construction spending totalled $64 billion in 2019.
- FMI forecasted spending to reach $68 billion by 2020, an increase of 5%.
- Average US total construction spending totalled $1.04 trillion between 2009 and 2019.
- US private sector construction spending totalled $977 billion U.S. in 2019.
- US public sector construction spending totalled $329 billion U.S. in 2019.
- US commercial construction spending totalled $92 billion in 2019.
- US single-family residential construction spending totalled $276 billion in 2019.
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According to the U.S. Chamber of Commerce – 90% of US General Contractors are worried about a labor shortage!
- 1.2 million new housing units are planned every year in the US.
- 90% of US contractors are worried about a possible labor shortage.
- The construction industry in the US has an average annual expenditure of $1,231 billion.
- In 2019, the construction industry generated $2 trillion in revenue in the US.
- The commercial construction sector has recorded an 8% annual growth between 2014–2019.
Report Linker + FinancesOnline Have these stats on the broader world construction market:
- Global construction market will grow to $8 trillion by 2030. (ICE)
- China, the US, and India drives global construction industry growth. (ICE)
- US construction market is set to grow faster than China’s over the next fifteen years. (ICE)
- Almost 200% more–the growth of the construction market in India against China to 2030. (ICE)
- Construction activity in Latin America will continue its recovery in 2019 with a growth of 1.2%. Also, experts predict this to have an average of 3% from 2020 to 2023. (ReportLinker, 2020)
- However, some Latin American countries like Argentina will experience a decline in construction output. Furthermore, the recovery of Mexico and Brazil will remain fragile. (ReportLinker, 2020)
- The Asia-Pacific region accounts for the largest share of the global construction industry. This is because the region includes the giant markets of India, Japan, and China. (ReportLinker, 2020)
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