Construction Appreciation: 16 Amazing Construction Industry Statistics

12 September 2023Constructionconstruction careers, construction industry, innovation

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Construction Appreciation Week will be September 18-22, 2023. The companies and people involved in construction affect every person’s daily life, from community to sanitation, energy production to transportation and more.

It’s difficult to express appreciation to an entire industry – especially since it is responsible for about three percent of the entire US workforce. That’s right. As of January 2023, nearly eight million Americans were employed by the construction industry. CNBC reported in July this year, “The construction sector is a fundamental backbone of the nation.”

photo of construction site at night, lights shining

Following are fifteen other construction statistics reported by Zippia.com and other sources that you may find amazing.


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Employment:

1.     IBISWorld reports there are over 3.8-million construction businesses in the US as of 2023.

2.     The number of construction jobs is expected to rise at a rate of 4% over the next ten years according to the Bureau of Labor Statistics.

3.     Carpenters, electricians, operating engineers, and construction equipment operators earn an average of $26 to $30 per hour. Datausa.io reports the average annual salary for construction workers as a whole is about $55,000.

construction site with people in safety equipment, interoperability, digital skills

Projects:

4.     As reported on TradingEconomics.com, in 2023, the number of building permits issued for single-family housing in the US was expected to reach 1.45-million by the end of September.

5.     A Dodge Construction Network report indicated construction starts are expected on 891,000 units in 2023.

6.     About 60% of construction executives predict moderate to significant industry expansion this year, as reported by Building Design + Construction.

7.     The industry continues to produce despite half of companies reporting they have difficulty finding skilled workers.

Financial:

8.     According to the US Census Bureau in September 2023, annual construction spending was valued at $1.97-billion.

9.     Federal Reserve Economic Research showed that, as of Q1 2023, about 4% of the US GDP (gross domestic product) came from construction.

10.     While statistics vary, as of 2022 the US construction industry was valued at around $2-trillion.

11.     Reported on census.gov, the annualized value of residential construction put in place (VIP) as of July 2023 was over $879-billion.

robotic hand pointing toward human hand pointing at flash of amber light, background blurred city skyline

Future:

12.     A McKinsey & Company article in May 2023 showed increased adoption of technology by construction companies, including: automation, digitization, artificial intelligence, and the use of virtual and augmented realities. Nearly 80% of survey respondents expressed they plan to invest in AEC technology at the same or higher levels in the next year.

13.     From demolition and repetitive tasks to exoskeletons and autonomous vehicles, the use of robotics in construction is increasing. GlobalNewsWire estimated there were 2 robotic machines per 100,000 construction workers in 2022.

14.     Based on 2021 numbers, HUD estimates the offsite construction market will grow to a value of $370-billion by 2029.

15.     Greater priority is being placed on sustainable building designs and practices. Emergen Research reports the global green construction market is anticipated to reach $611-billion by 2027, with the dominant sector being residential.


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