The industry of construction has always been one of the most “fertile” sectors when it comes to generating revenue. The construction industry is especially thriving in the US, posing as one of the most profitable sectors. Moreover, the United States; industry of construction is one of the biggest in the world. The sector is expanding in a post-recession state. Although the construction industry has slowed down in the first quarter of 2020, construction is far from stagnation.
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Top Must-Know-Facts – Construction Industry 2020: Facts and Figures
- Global construction costs are going towards expansion when it comes to costs, rising by 4.3% as an average value.
- One of the most prominent sectors in the industry of construction is single-family residential construction. The sector is estimated at over 280 billion dollars.
- In 2018, spending in the sector of home improvement increased by 5%.
- 77% of the total construction revenue of 992 billion dollars came from the private sector.
- In the manufacturing sector, construction decreased by 2% according to the records from 2018.
- Construction projects in the sector of energy and power distribution increased by 3% in 2018.
- Construction accounted for 7% of GDP in the US in 2017, posing as one of the most important industries in the United States.
- Development construction and conservation are valued at 8 billion dollars.
Compensation and Job Positions in the Construction Industry
- The construction industry provided job positions and paychecks for 11.2 million people in 2018.
- According to the Bureau of Labor Statistics, 297,000 new jobs were added by the construction industry.
- The average value in dollars for construction work in the United States as concluded in 2019 was 1.3 billion dollars.
- New contracts awarded to 10 of the top construction companies in 2017 in the US brought over 81 billion dollars to the sector.
- The shortage of labor is one of the biggest challenges in the industry according to 90% of general contractors located in the US.
