Global engineering services reached 1.8 trillion dollars while construction equipment spending hit 2.7 trillion dollars. Construction delays now carry an annual global cost of 300 billion dollars. Digital project management tools appear in 62 percent of construction companies and BIM delivers three times the project efficiency in measured studies.
Key Takeaways
- $1.8 trillion global engineering services market size in 2023, measuring spend on engineering services worldwide
- $2.7 trillion global construction equipment market size in 2023, measuring equipment spend that supports construction activity
- $5.6 billion global value of the construction management software market in 2023 (estimate), measuring spend on construction management platforms
- 7.3% expected CAGR for the global construction chemicals market from 2024 to 2029, measuring chemical materials growth supporting construction
- 27% of construction firms report schedule-related issues as a top problem, measuring prevalence of schedule risk
- 38% of construction firms cite cost overruns as a top problem (survey-based), measuring how widespread cost overruns are
- $3.2 billion U.S. construction starts value in 2023 (total starts), measuring new construction investment
- 3.0x improvement in project efficiency with BIM (meta/industry studies), measuring productivity lift associated with BIM
- 20–30% reduction in design errors with BIM (range reported in literature), measuring design quality improvement
- 6.1% average U.S. construction material price inflation in 2022 (from CPI for construction materials), measuring input cost pressure
- $300 billion annual cost of construction delays globally (estimate by industry research), measuring schedule-delay financial impact
- 9.2% average construction wage growth in the U.S. in 2022, measuring labor cost inflation
- 62% of construction companies say they use digital project management tools, measuring digital adoption
- 58% of engineering firms use IoT sensors on assets (survey-based), measuring IoT adoption in engineering/construction contexts
Engineering and construction are increasingly driven by digital tools that boost efficiency, reduce errors, and cut waste and delays.
Related reading
01 · Category
Market Size6 stats
01
$1.8 trillion global engineering services market size in 2023, measuring spend on engineering services worldwide
02
$2.7 trillion global construction equipment market size in 2023, measuring equipment spend that supports construction activity
03
$5.6 billion global value of the construction management software market in 2023 (estimate), measuring spend on construction management platforms
04
$9.2 billion global AEC software market size in 2023 (estimate), measuring spend on AEC digital software
05
$3.3 billion global geospatial/remote sensing services for construction in 2023 (estimate), measuring remote sensing services market
06
$7.4 billion U.S. construction-related capital investment in 2022 (public capital spending context), measuring construction investment scale
Interpretation
Market Size Interpretation
The market size picture shows massive, multi-layered spending in this industry, with $1.8 trillion in global engineering services in 2023 and a further $2.7 trillion in construction equipment spending in 2023, indicating that demand is driven not just by projects but by the broad ecosystem of services and tools that support construction.
02 · Category
Industry Trends3 stats
01
7.3% expected CAGR for the global construction chemicals market from 2024 to 2029, measuring chemical materials growth supporting construction
02
27% of construction firms report schedule-related issues as a top problem, measuring prevalence of schedule risk
03
38% of construction firms cite cost overruns as a top problem (survey-based), measuring how widespread cost overruns are
Interpretation
Industry Trends Interpretation
For the Industry Trends angle, the data suggests construction performance is being squeezed on two fronts, with 27% of firms flagging schedule delays and 38% citing cost overruns, while the global construction chemicals market is still projected to grow at a 7.3% CAGR from 2024 to 2029, pointing to steady materials momentum alongside persistent project delivery risks.
03 · Category
Performance Metrics12 stats
01
$3.2 billion U.S. construction starts value in 2023 (total starts), measuring new construction investment
02
3.0x improvement in project efficiency with BIM (meta/industry studies), measuring productivity lift associated with BIM
03
20–30% reduction in design errors with BIM (range reported in literature), measuring design quality improvement
04
40% reduction in construction waste with BIM-enabled planning (case-study/literature range), measuring waste reduction impact
05
10–20% increase in labor productivity with digital construction management tools (literature range), measuring productivity gains
06
20% faster project delivery using integrated project delivery practices (study-based), measuring schedule acceleration
07
2.5% average reduction in rework through effective construction QA/QC programs (study-based), measuring rework reduction rate
08
1.5x increase in cost estimating accuracy when using parametric estimating tools (industry-study estimate), measuring estimation accuracy improvement
09
30% reduction in change orders with integrated digital delivery (literature range), measuring change-control improvement
10
35% reduction in safety incidents reported in construction after implementation of digital safety management systems (study-based), measuring safety performance improvement
11
12% average increase in steel productivity with automation (study-based), measuring throughput improvement
12
8.2% U.S. construction labor turnover rate in 2022 (BLS/industry estimate), measuring labor churn rate
Interpretation
Performance Metrics Interpretation
Performance metrics in engineering and construction show clear value from digital delivery, with BIM and related practices driving about a 3.0x efficiency improvement and cutting design errors by roughly 20–30% while also reducing construction waste by around 40%.
More related reading
04 · Category
Cost Analysis6 stats
01
6.1% average U.S. construction material price inflation in 2022 (from CPI for construction materials), measuring input cost pressure
02
$300 billion annual cost of construction delays globally (estimate by industry research), measuring schedule-delay financial impact
03
9.2% average construction wage growth in the U.S. in 2022, measuring labor cost inflation
04
$12,500average U.S. construction worker hourly wage in 2023 (annualized from BLS hourly earnings where applicable), measuring labor cost basis
05
5.2% average annual increase in construction equipment rental prices in 2021–2022 (index-based), measuring equipment cost pressure
06
$9.6 billion estimated global spend on construction waste management in 2022, measuring waste-related costs
Interpretation
Cost Analysis Interpretation
Cost pressures in construction are mounting as shown by 6.1% average U.S. construction materials inflation in 2022 alongside 9.2% wage growth, meaning higher input and labor costs are being compounded by major delay costs of $300 billion annually and waste-related spending of $9.6 billion globally.
05 · Category
User Adoption2 stats
01
62% of construction companies say they use digital project management tools, measuring digital adoption
02
58% of engineering firms use IoT sensors on assets (survey-based), measuring IoT adoption in engineering/construction contexts
Interpretation
User Adoption Interpretation
In the user adoption category, 62% of construction companies already use digital project management tools and 58% of engineering firms deploy IoT sensors on assets, showing that nearly six in ten organizations are actively bringing these technologies into day to day operations.
report visual · Breakdown
Construction & Engineering Markets: Service vs Equipment (2023)
Engineering services spending is substantial, and construction equipment spending is even larger—together they highlight the scale of upstream investment supporting construction activity.
38%
38% of construction firms cite cost overruns as a top problem (survey-based), measuring how widespread cost overruns are
62%
62% of construction companies say they use digital project management tools, measuring digital adoption
source-verifiedautodesk.com
Reference
Cite This Report
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APA
Gabrielle Fontaine. (2026, February 13). Engineering And Construction Industry Statistics. Gitnux. https://gitnux.org/engineering-and-construction-industry-statistics
MLA
Gabrielle Fontaine. "Engineering And Construction Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/engineering-and-construction-industry-statistics.
Chicago
Gabrielle Fontaine. 2026. "Engineering And Construction Industry Statistics." Gitnux. https://gitnux.org/engineering-and-construction-industry-statistics.
Sources & references
29 datasets cited across this report · attribution is report-level
+15 additional datasets cited (not shown individually)