The construction industry is and has been one of the highest revenue-generating industries in the world and is an industry that is always changing with current economic and social conditions.
There is growth in many industries of construction such as single-family homes or home improvement projects. It is also seeing several changes in the employment side of things as well such as an increase in female workers and minorities.
The demand for evolving technologies to help increase safety and efficiency on the job site is also a growing field. New technologies are also coming out in the areas of eco-friendly and more sustainable options that help make things more environmentally friendly.
The industry is also seeing some challenges with over 90% of contractors having concerns about having workers with adequate skill levels for the job, causing some to even turn away business.
With what seems like the ever-changing world of construction and trends, it is important that you are staying on top of different things going on within the industry.
Check out these construction statistics and see what the industry looks like today.
Construction Location
1.) Construction in the Western United States was projected to grow by 6.2% between 2018 and 2019. [FMI]
2.) 20% of construction in the United States takes place in New York, Dallas, Houston, Los Angeles, and Washington. [Built Worlds]
3.) Over the next 5 years, 50% of construction in the U.S. is expected to take place in just 20 cities. [Built Worlds]
4.) New York City is the most expensive city to build in 2019 costing $417/sq ft. [Curbed]
Construction Market
5.) Single-family residential construction is estimated go up 4% from 2017 and projected to be at $282 billion. [FMI]
6.) Multi-family residential construction rose by 1% last year, with an estimated value of $67 billion. [FMI]
7.) Home improvement spending rose by 5% in 2018. [FMI]
8.) Amusement and recreation grew by 8% because of big-budget stadiums and arenas, and amusement parks. [FMI]
9.) The segments of nonresidential leading spending growth for 2018 are transportation (+16%), lodging (+14%), and office (+11%) [FMI]
10.) Commercial construction is broken down into the following segments: 7%, lodging; 15%, office; 17%, shopping facilities; 8%, health care; 5%, education; 3%, recreation; 4%, transportation; 5%, communication; 21%, energy; and 15%, manufacturing. [ctasc]
11.) In the coming year, we will see growth for the education (3.9%), office (3.0%) and institutional (2.9%) segments, and “public safety” projects, projected to grow by 7.2%. [archinect]
12.) Over the next two years, markets such as religious (-1.9%), amusement (-1.8%), retail (-1.3%), and hotel (-0.7%) markets are expected to decrease. [archinect]
13.) In a recently published economic report from the American Institute of Architects, nonresidential construction is expected to grow 1.5 percent through 2020, and less than a one percent increase in 2021. [archinect]
Construction Industry
14.) Global construction costs are expected to rise an average of 4.3%. [Turner & Townsend]
15.) Global construction market will grow to $8 trillion by 2030 [GCP]
16.) Growth in the Middle East and Africa region slowed to 2.2% from 2014 to 2018 but is expected to rise with an average of 5.5% between 2019 to 2024 [Research and Markets]
17.) Construction activity in Latin America was expected to grow by 1.2% in 2019 and is predicted to have an average growth of 3% from 2020 to 2024 [Research and Markets]
18.) The annual growth of the US construction industry from 2014 to 2019 was 8.3% [IBISWorld]
19.) US construction market is set to grow faster than China’s over the next fifteen years [GCP]
Construction Demographics
20.) About 85% of the construction industry was born between 1960 and 1995. [JBK]
21.) 30% of the construction workforce identifies as Hispanic or Latino. [Bureau of Labor Statistics]
22.) 10% of the total construction workforce is female. [Bureau of Labor Statistics]
23.) 15.6% of the women in construction work in accounting. [JBK]
Construction Spending
24.) The amount of money spent on construction in the United States topped $1.29 trillion in 2018. [Statista]
25.) Transportation construction rose by 16% in 2018 with airport redesigns being a large factor. [FMI]
26.) Costs of global construction is expected to rise by an average of 4.3%. [Turner & Townsend]
27.) 77% of construction spending took place in the private sector in 2018 at $992 billion. [Statista]
28.) Construction in the form of improvements had a growth of 5% from 2017-2018 and reached $205 billion in spending. [FMI]
29.) 4G technology is plateauing and 5G technology is just in its infant stage. 5G uses many low powered cells instead of cell towers and has an estimated infrastructure of just under $300 billion and is projected to be mainstreamed by 2025. [FMI]
Construction and Environment Improvement
30.) Buildings account for about 40% of the global energy-related CO2 emissions. [USGBC]
31.) Emissions from commercial buildings may increase by 1.8% in 2030 (Bold Business)
The value of green homes may increase in value by up 10% and increase the resale value as well. [USGBC]
32.) The global green buildings market is expected to grow at a compound annual growth rate of 10.26% from 2018 to 2024. [MRFR]
33.) Green buildings can reduce carbon emissions by 34% and use up to 25% less energy than conventional buildings. [MRFR]
34.) The residential segment of the green market is dominant with a global share of 60.9% and $123.4 million in 2018. [MRFR]
35.) Experts predict the segment of the nonresidential green building segment to have a compound annual growth rate of 9.25% by the end of 2024. [MFRF]
Construction Employment
36.) The construction industry had 11.2 million people working in 2018. [Bureau of Labor Statistics]
37.) The average hourly wage of construction employees was $31.08 in 2019. [Bureau of Labor Statistics]
38.) Experts estimate a 1.2% growth of jobs over the next ten years. [Data USA]
39.) Construction unemployment rates are around the 4% mark. [FMI]
40.) The average yearly salary of professionals in the construction industry is $51,097. [Data USA]
41.) 71% of midwest contractors have reported having trouble finding skilled workers. Whereas 44% of contractors in the northeast and only 22% of contractors in the Northeast had difficulty finding workers. [USCC]
42.) 89% of U.S. general contractors reported that they are concerned about labor shortage. [USCC]
43.) 53% of small construction companies have turned down work opportunities due to skilled labor shortages. [USCC]
44.) 92% of contractors reported being moderately concerned at the least about their workers having acceptable skill levels. [USCC]
Technology in Construction
45.) Construction businesses are looking to implement the following features in construction management platforms: project tracking (73%), job costing (72%), project estimating (66%), improved accuracy (47%), and process standardization/automation (39%). [Software Connect]
46.) There has been $10 billion put into the funding of construction technology in the past ten years. [FIM]
47.) When autonomous vehicles were mixed with human-operated excavators, there was a 40% improvement in efficiency compared to conventional means. [The B1M]
48.) In 2018, 18% of small and medium-sized construction companies were using drones. [Software Connect]
49.) About 60% of construction companies have an R&D department for new technology purposes. [JBK]
50.) Apple is used by 78.7% of companies using a mobile operating system. |JBK|
Thanks for reading!
