The construction industry is an important part of the US economy, and understanding the statistics behind it can help us better understand the state of the industry. In this blog post, we’ll explore the latest US construction statistics and discuss how they can help us make better decisions about our construction projects.
We’ll also look at how the industry has changed over the years and what trends we can expect in the future. Finally, we’ll explore how these statistics can help us better understand the impact of construction on our economy.
Construction Industry: The Most Important Statistics
The number of production workers in the construction industry in the United States dropped from 9.52 million in 2008 to 6.96 million during the recession, but rose again to pre-recession levels in 2019.
US spending on public transit and railway building in 2020 was 24.5 billion dollars, the highest investment since 2015.
Construction Industry Statistics Overview
The US construction market size was valued at around 1.6 trillion US dollars in 2021, with the residential sector leading the way in spending.
This shows the potential for growth in the US construction market in the coming years.
Private construction investment in the US has grown for 10 years and is expected to continue to grow in 2022, with 1429.2 billion dollars being spent on private construction and 363.6 billion dollars being spent on public construction.
There is a trend of investment in the US construction industry, with the majority of investment going to the private sector. This could be indicative of a shift in the industry, with more focus being placed on private construction and less on public construction.
The number of production workers in the construction industry in the United States dropped from 9.52 million in 2008 to 6.96 million during the recession, but rose again to pre-recession levels in 2019.
This shows the volatility of the construction industry in the United States, and how it is affected by economic downturns. It also proves the resilience of the industry and its ability to recover from economic shocks.
New York and Pennsylvania have the highest number of highway maintenance workers, while Delaware has the least.
Thus, there is a high importance of infrastructure maintenance in certain states, and it can heavily impact employment in those states.
The investment on public infrastructure has increased by 20 billion dollars in the past ten years, with a similar trend appearing in the total value of US new public construction put in place.
It indicates that more money is being allocated to public projects, which could lead to improved infrastructure and public services.
US spending on public transit and railway building in 2020 was 24.5 billion dollars, the highest investment since 2015.
This investment is essential for the continued growth of the US economy and for providing citizens with reliable transportation options.
Sand and gravel prices rose to 11 dollars per metric ton in 2022. The PPI for construction materials and components has increased 242% since 1982.
It indicates that the cost of construction materials is becoming increasingly expensive. This could lead to higher costs for construction projects.
The Turner Corporation was ranked the top US construction contractor in 2021, with 14.3 billion dollars in revenue, while Bechtel and Fluor Corporation dropped in the rankings.
This is significant as Bechtel is a major player in many industries, and Lendlease was seated last in the list.
Turner Corporation was the construction company with the highest revenue from new contracts in 2020, followed by STO Building Group.
Turner Corporation is a leader in the US construction industry, as they have consistently been the top company in terms of new contracts value. Thus, they are well-positioned to continue to be a leader in the industry in the future.
Supplementary Statistics
The global construction industry is projected to reach a market size of $10.6 trillion by 2023, growing at a CAGR of 4.2%.
This is an indication that the construction industry is a lucrative sector for investment and business opportunities. It also serves as a reminder of the importance of staying up-to-date with the latest industry trends and developments in order to capitalize on the growth potential of the sector.
In 2020, the global construction industry’s value contracted by 3.1% due to the COVID-19 pandemic.
It highlights the need for the industry to adapt and adjust to the changing economic landscape in order to remain competitive and profitable. This statistic is a valuable insight into the current state of the construction industry and can be used to inform decisions and strategies for the future.
In the United States, the construction industry generated an annual revenue of about $745.70 billion in 2021.
The construction industry is a major contributor to the US economy, and that it is an important sector for job creation and economic growth. It also serves as a reminder of the importance of investing in infrastructure and construction projects, as they can have a significant impact on the overall economy.
By 2030, the construction industry is expected to employ 200 million people worldwide.
It speaks to the sheer size of the industry and its ability to create jobs and economic opportunities for millions of people around the world. It is a testament to the industry’s ability to provide a livelihood for so many people and to contribute to the global economy.
In 2020, China invested around $957.3 billion in social housing construction, accounting for around 44% of the total investment.
This highlights the importance of the construction industry in China, and how it has been able to contribute to the country’s economic growth.
Global green building materials market size in the construction industry is predicted to reach $432.5 billion by 2025.
The global green building materials market is expected to grow significantly in the coming years, indicating that the industry is likely to experience a surge in demand for sustainable materials. This could be a great opportunity for businesses to capitalize on the trend and invest in green building materials, as well as to create more environmentally friendly construction projects. Furthermore, this statistic could be used to inform policy makers and industry leaders of the potential of the construction industry, and to encourage them to invest in green building materials and projects.
In 2020, India’s construction industry was valued at $204.2 billion and is expected to grow and reach $488.9 billion by 2026.
The industry is growing at a rapid pace and is expected to reach a staggering $488.9 billion by 2026. This is a clear indication that the construction industry in India is on the rise and is set to become a major contributor to the country’s economy. This statistic is a valuable insight into the future of the construction industry in India and is an important factor to consider when discussing the industry’s prospects.
In the United Kingdom, the number of construction firms increased by 6,480 between 2018 and 2019.
Thus, the industry is thriving and that more and more firms are entering the market. This is a positive sign for the industry and indicates that the sector is in a healthy state. It also suggests that the industry is creating more jobs and providing more opportunities for people to work in the sector. This is an important statistic to consider when looking at the overall health of the construction industry in the UK.
The Australian construction industry accounted for 8% of the country’s GDP in 2020.
It highlights the significant contribution the industry makes to the nation’s GDP, demonstrating its importance to the overall economic health of the country. This is especially pertinent in the context of a blog post about Construction Industry Statistics, as it provides a tangible example of the industry’s economic impact.
In 2019, construction spending in the United States reached about $1.30 trillion.
This serves as a reminder of the importance of the construction industry in the US, and the need for continued investment in the sector.
Brazil’s construction industry experienced 1.7% growth in 2021 after a 3.2% drop in 2020 due to the pandemic.
Despite the 3.2% drop in 2020, the industry was able to bounce back and experience 1.7% growth in 2021. This is a remarkable achievement and serves as an example of how the construction industry can remain strong even in the face of adversity.
The global smart building market in the construction industry is expected to reach $108.9 billion by 2025.
With the global smart building market projected to reach $108.9 billion by 2025, it is clear that the construction industry is well-positioned to capitalize on the growing demand for smart buildings.
The construction industry in the United States has an average annual employee turnover rate of around 21.4%.
It reveals that the industry is not only facing a high rate of employee turnover, but also that it is a consistent problem. This statistic is a key indicator of the industry’s ability to retain and attract talent, and can be used to inform decisions about how to improve the industry’s workforce.
In 2019, the residential construction sector in the United States contributed about 5% to the GDP.
This information is essential for anyone looking to gain a better understanding of the construction industry and its impact on the economy.
In 2021, the UK construction industry is expected to grow by 14% following a sharp 14.3% contraction in 2020 due to COVID-19.
Despite the sharp contraction in 2020, the industry is expected to make a strong recovery in 2021, demonstrating its ability to bounce back from adversity. This is an important indicator of the industry’s strength and stability, and is a key statistic to consider when discussing the current state of the construction industry.
In 2020, the number of total active job sites in construction worldwide dropped to about 60% of the pre-pandemic level.
It highlights the immense disruption to the sector, with a dramatic decrease in the number of active job sites worldwide. This serves as a warning to the industry, and a reminder of the importance of adapting to the changing environment.
The global construction industry spent an estimated $94.7 billion on research and development in 2020.
The industry is willing to invest in research and development to ensure that it remains competitive and up-to-date with the latest technologies and trends. This statistic is a clear indication that the construction industry is dedicated to staying ahead of the curve and continuing to provide quality services to its customers.
Conclusion
In conclusion, US construction statistics offer a comprehensive overview of the state of the construction industry in the US. They provide valuable insight into the size and scope of the industry, the types of projects being undertaken, and the economic impact of the sector.
The data also provides a useful tool for assessing the current state of the industry and its future prospects. With the right data and analysis, construction professionals can make informed decisions about their businesses and the industry as a whole.
References
https://www.statista.com/topics/974/construction/#topicOverview
https://www.statista.com/statistics/226355/us-public-and-private-sector-construction/
https://www.statista.com/statistics/193094/employment-in-production-within-us-construction-since-1996/
https://www.statista.com/statistics/615821/highway-maintenance-employees-in-the-us-by-key-state/
https://www.statista.com/statistics/238570/us-public-construction-spending-on-highway-and-street-projects/
https://www.statista.com/statistics/783551/railroad-construction-expenditure-united-states/
https://www.statista.com/statistics/219381/sand-and-gravel-prices-in-the-us/
https://www.statista.com/statistics/195382/us-producer-price-index-of-construction-materials-since-1990/
https://www.statista.com/statistics/234153/the-largest-us-construction-contractors-based-on-contracting-revenue/
https://www.statista.com/statistics/259926/the-largest-us-construction-contractors-based-on-new-contracts/
https://www.statista.com
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https://www.ons.gov.uk
https://www.grandviewresearch.com
https://fred.stlouisfed.org
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