The Latest Building Industry Statistics Explained
The global construction industry size was valued at USD 11.4 trillion in 2019.
This statistic indicates that the total value of construction activities worldwide amounted to USD 11.4 trillion in 2019. This includes all construction projects, such as residential, commercial, industrial, and infrastructure developments. This figure serves as a key indicator of the scale and significance of the construction industry on a global level. It highlights the considerable economic impact and investment in construction projects across different countries and regions. Understanding the size of the global construction industry provides valuable insights into the overall health and growth potential of the sector, influencing stakeholders such as investors, policymakers, and industry professionals.
The global construction industry is projected to reach USD 14.9 trillion in 2025.
The statistic that the global construction industry is projected to reach USD 14.9 trillion in 2025 suggests a significant growth and expansion in the sector over the coming years. This projection indicates an optimistic outlook for the construction industry, highlighting increasing investments, infrastructure development, and demand for construction services worldwide. Such growth can be driven by factors such as urbanization, population growth, economic development, and technological advancements. The projected value of USD 14.9 trillion signals a robust market for construction companies, contractors, and related industries, presenting opportunities for economic growth, job creation, and innovation within the construction sector globally.
In the US, the value of new construction put in place is estimated to be $1.3 trillion in 2020.
The statistic stating that the value of new construction put in place in the US is estimated to be $1.3 trillion in 2020 represents the total monetary value of all new construction projects completed within the country during that year. This figure encompasses a wide range of construction activities, including residential, commercial, and infrastructure projects. The substantial sum of $1.3 trillion highlights the significance of the construction industry to the US economy, as it not only creates jobs and stimulates economic growth but also addresses the demand for housing, offices, public facilities, and other structures essential for society’s functioning and development. Furthermore, this statistic serves as a key indicator of the level of investment and activity within the construction sector and provides valuable insights into the overall health and trajectory of the industry.
The building industry contributes approximately 39% of all CO2 emissions globally.
The statistic that the building industry contributes approximately 39% of all CO2 emissions globally highlights the significant environmental impact of construction activities and building operations on climate change. CO2 emissions from activities such as energy consumption in buildings, manufacturing of construction materials, and transportation of resources contribute to the greenhouse gas effect, leading to global warming. This statistic underscores the urgent need for sustainable practices and innovations within the building sector to reduce emissions, improve energy efficiency, and mitigate the environmental impact of construction projects to combat climate change effectively.
The residential building construction industry was the fastest-growing industry for small businesses in recent years, with an increase of 68.8% in the number of small business establishments between 2010 and 2016.
The statistic indicates a substantial growth trend within the residential building construction industry for small businesses over the specified period between 2010 and 2016. The reported 68.8% increase in the number of small business establishments highlights a significant expansion and opportunities within this industry sector during those years. This growth rate suggests a strong demand for residential construction services, potentially driven by factors such as population growth, urbanization trends, or economic conditions favoring housing development. The statistic underscores the resilience and dynamism of small businesses operating in the residential building construction sector and signifies a positive outlook for this industry’s continued growth and contribution to the economy.
The construction industry output is projected to grow by 85% to $15.5 trillion worldwide by 2030.
The statistic indicates that the construction industry output is expected to increase substantially over the next decade, with a projected growth rate of 85% to reach a total value of $15.5 trillion on a global scale by the year 2030. This suggests a significant expansion in construction activities and investments around the world, driven by factors such as population growth, urbanization, infrastructure development, and economic growth. Such growth projections can have far-reaching implications for various stakeholders in the construction industry, including contractors, suppliers, developers, and policymakers, and may signify opportunities for economic development, job creation, and innovation within the sector.
In Europe, the building sector contributes to 36% of all greenhouse gases.
The statistic “In Europe, the building sector contributes to 36% of all greenhouse gases” indicates that a significant portion of greenhouse gas emissions in Europe come from activities related to buildings such as construction, operation, and maintenance. This high percentage highlights the substantial environmental impact of the building sector and suggests that measures to reduce emissions from buildings, such as improving energy efficiency, adopting renewable energy sources, and implementing sustainable construction practices, could play a crucial role in mitigating climate change in Europe. Addressing emissions from buildings not only presents an opportunity to reduce greenhouse gas emissions but also to promote sustainable development and improve overall environmental performance in the region.
The construction industry in the US expected to grow by 2.2% in 2023.
The statistic indicates that the construction industry in the United States is projected to experience a growth rate of 2.2% in the year 2023. This growth rate serves as an estimation of the anticipated increase in the overall economic value of the construction sector within the country. The statistic suggests that there is a positive outlook for the construction industry in the upcoming year, potentially driven by factors such as increased infrastructure projects, housing demands, or favorable economic conditions. It is essential for policymakers, investors, and industry stakeholders to consider and monitor such projections as they can have significant implications for the broader economy and various related sectors.
Approximately 20% of construction costs are due to fixing errors within the construction industry.
The statistic that approximately 20% of construction costs are attributed to fixing errors within the construction industry underscores a significant and costly issue prevalent in the sector. This figure indicates that a substantial portion of the financial resources allocated to construction projects is spent on rectifying mistakes and defects that could have been prevented or minimized through improved practices and quality control measures. These costs not only impact project budgets but also lead to delays in completion times, increased operational expenses, and potential reputational damage for construction companies. Addressing this issue through better planning, monitoring, and implementation of quality assurance processes is crucial to reducing wastage and enhancing efficiency within the construction industry.
80% of the world’s tallest buildings are located in Asia.
The statistic that 80% of the world’s tallest buildings are located in Asia indicates a significant concentration of tall structures in the region compared to other continents. This suggests that Asia has been a focal point for the construction of skyscrapers and high-rise buildings, potentially due to factors such as rapid urbanization, economic growth, and population density. The statistic also highlights the vertical development trend in Asian countries, showcasing their architectural achievements and the competitive nature of the global construction industry in striving for height supremacy. Overall, the statistic underscores Asia’s dominance in the realm of sky-high structures and its role as a key player in shaping the world’s urban landscapes.
Construction contributes nearly 4% of the UK’s annual GDP.
The statistic that construction contributes nearly 4% of the UK’s annual GDP means that the construction industry plays a significant role in the country’s economic output. GDP, or Gross Domestic Product, is a measure of the total value of all goods and services produced within a country in a specific time period. With construction contributing almost 4% to the UK’s GDP, it indicates that the sector has a notable impact on the overall economy. This statistic suggests that the construction industry is a key driver of economic activity, job creation, and investment in the UK, highlighting its importance in driving growth and prosperity.
Global construction equipment sales are expected to hit a record high of USD 113 billion in 2021.
The statistic “Global construction equipment sales are expected to hit a record high of USD 113 billion in 2021” indicates that the total value of construction equipment sales worldwide is projected to reach a peak of USD 113 billion by the end of 2021. This suggests a significant increase in demand for construction machinery and equipment, reflecting a robust growth trend in the global construction industry. The record high sales forecast may be driven by various factors such as increasing infrastructure projects, urbanization, and economic recovery efforts in many regions around the world. This statistic serves as a key indicator of the health and expansion of the construction equipment market on a global scale.
Nearly 40% of the construction workforce in Australia is self-employed.
The statistic that nearly 40% of the construction workforce in Australia is self-employed indicates a significant proportion of individuals in the industry are operating their own businesses or working as independent contractors rather than as traditional employees of construction companies. This level of self-employment suggests a certain level of autonomy and independence within the construction workforce in Australia, where individuals have the flexibility to work for themselves and potentially take on a variety of projects. Self-employed construction workers may have control over their schedules, work arrangements, and the types of projects they undertake, which can impact the overall dynamics and labor market flexibility within the construction industry in Australia.
In 2019, the construction industry in Japan was valued at approximately 5.18 trillion yen
The statistic that in 2019, the construction industry in Japan was valued at approximately 5.18 trillion yen captures the economic significance and scale of the construction sector within the country during that year. This figure signifies the total value of construction activities including residential, commercial, and infrastructure projects undertaken within Japan in 2019. The amount of 5.18 trillion yen reflects the level of investment and expenditure in construction, highlighting the sector’s contribution to the overall economy. This statistic is essential for policymakers, stakeholders, and analysts to understand the construction industry’s financial landscape, trends, and impacts on employment, GDP, and broader economic development in Japan.
The building construction industry in Canada employs about 1.4 million people.
The statistic that states the building construction industry in Canada employs about 1.4 million people indicates the significant workforce within this sector of the Canadian economy. This figure highlights the substantial employment opportunities provided by the construction industry, playing a vital role in supporting the labor market and contributing to the overall economy. The abundance of jobs within this sector not only signifies the scale of construction activities and infrastructure development in Canada but also underscores the importance of this industry in driving economic growth and providing livelihoods for a large portion of the Canadian workforce.
Across the Middle East, the building construction industry is anticipated to reach USD 820 billion by 2023.
The statistic indicates that the building construction industry in the Middle East region is projected to grow significantly, reaching a total value of USD 820 billion by the year 2023. This suggests a robust expansion in construction activities and infrastructure development across countries in the Middle East over the specified period. The anticipated growth in this industry could be driven by factors such as population growth, urbanization, increasing investments in real estate and infrastructure projects, as well as government initiatives aimed at fostering economic development and modernization. The substantial increase in the construction industry’s value underscores its importance as a key sector contributing to economic growth and job creation in the region.
The construction industry in India is expected to become the world’s third-largest by 2022.
The statistic indicates that the construction industry in India is projected to experience significant growth and development, leading to its ranking as the third-largest in the world by 2022. This implies that the construction sector in India is anticipated to expand rapidly, demonstrating strong economic activity and investment in infrastructure projects. The expected rise of the construction industry to the third position globally signifies India’s emergence as a major player in the global construction market, showcasing its potential for contributing significantly to the country’s economy and employment opportunities in the near future.
Conclusion
Building industry statistics are essential for understanding trends, making informed decisions, and planning for the future in the construction sector. By analyzing data on construction starts, permits issued, and building completions, stakeholders can gain valuable insights into market conditions and forecast potential challenges and opportunities. Utilizing building industry statistics can help contractors, developers, policymakers, and investors stay ahead of the curve and drive success in the ever-evolving construction market.
References
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