The construction industry, a significant contributor to our economy, is experiencing rapid changes. The latest construction statistics reveal several new trends, indicating a shift towards embracing new technology and data-driven approaches.
Construction Projects and Growth Statistics
The construction sector encompasses various segments such as commercial, residential, sanitation, and transportation. Recent statistics highlight significant growth and dynamics in these segments:
– Multifamily housing construction increased by 12% in July 2023 to $127 billion.
– Commercial construction spending reached $128 billion in July 2023, marking an 11% rise from the previous year.
– Home improvement spending saw a 1% increase in 2023.
– The manufacturing sector experienced a substantial 36% increase in 2023.
– Sewage and waste disposal construction grew by 7% in 2023.
– Transportation construction rose by 9% in 2023 due to increased government spending.
– 58% of owners shifted to design-build methods in 2023, resulting in projects wrapping up 102% quicker than traditional methods.
Technology and Innovation in Construction Statistics
The modern construction industry is increasingly embracing digital technology in designing, building, and managing projects to achieve cost savings. Key statistics supporting this trend include:
– 37% of firms utilized drones at job sites in 2021.
– The construction robot market is projected to grow by 13.6% annually from 2021 to 2026.
– 53.7% of construction companies tested and adopted new technology in 2021.
– 56% of construction companies had no specific budget for research and development (R&D) in 2021.
Construction Labor Employment Statistics
The construction industry faces a demand for skilled labor, leading to extended project timelines due to worker shortages. The following statistics provide insights into the state of employment in construction labor:
– The US had 336,000 open jobs in construction as of May 2023.
– Women made up almost 11% of the construction workforce in 2023.
– Latinos or Hispanics accounted for 34.2% of construction workers in 2020.
– Workers aged 42 to 61 represented 54.6% of the industry in 2020.
– 11.8 million people were employed in the construction industry in 2022.
The Economic Side of the Construction Industry
The construction industry’s economic impact is substantial, with growing spending and market value. Key economic statistics include:
– Large projects tend to run behind schedule by 20% and go up to as much as 80% over budget.
– America’s top 400 construction companies generated approximately $414 billion in revenue in 2020.
– The US construction spending reached $1.79 trillion in 2022.
– Private sector projects accounted for 79% of the $1.79 trillion spent on construction in 2022.
– Building material costs increased by 14.1% in November 2021, tripling the prior year’s increase.
Laying One Brick at a Time
The statistics above indicate steady growth in the construction market, driven by the increasing adoption of technology and digital solutions. Embracing tech-enabled construction, especially in design and management, can help businesses save costs and maximize profits.
Discover how BIM can help construction companies better organize and manage assets.
By embracing these changes and trends, businesses can position themselves to capitalize on new opportunities and stay ahead in the evolving construction industry.