The construction industry is one of the most important and largest industries in the world. It is responsible for building the infrastructure that we rely on every day. The construction industry is also a major employer, providing jobs for millions worldwide. However, the construction industry faces significant challenges in today’s economy.
This article will explore the current state of the construction industry, along with some of the trends and future outlook for the industry.
Current Construction Industry Statistics and Facts
If you’re thinking about starting a construction company, consider the following construction industry statistics and facts.
- The construction industry is huge, with a total market size of $10 trillion.
- The construction industry is predicted to grow by 3.6% per year between 2018 and 2022.
- The construction industry is one of the largest consumers of raw materials.
- The construction industry is responsible for 10% of the world’s GDP.
- China is the largest construction market in the world, followed by the United States.
- There are more than 100,000 construction companies in the United States.
- The top construction companies in the world include China State Construction Engineering Corporation, Bechtel, and Vinci.
Construction Sub Industries
- There are four main construction sub-industries: heavy and civil engineering construction, specialty trade contractors, residential construction, and nonresidential construction.
- The largest sub-industry is heavy and civil engineering construction, which accounts for 36% of the industry.
Profit And Revenue
- Construction companies generated a total revenue of $1.2 trillion in 2017 and a net profit of $227 billion.
- The construction industry is a very important part of the economy, accounting for 10% of the GDP.
- The average profit margin for construction companies is 18%.
- Operating margins for construction companies are around 4%.
- The construction industry employs more than 7 million people in the United States.
- Construction is the third-largest industry in terms of employment in the world.
- Construction is one of the most dangerous industries, with a fatality rate of 9.4 per 100,000 workers.
- There is a shortage of construction workers in the United States, with a vacancy rate of 4%.
Construction Industry Future Trends and Outlook
As you begin your construction business, it’s important to be aware of the future trends and industry outlook, so you can position yourself for long-term success.
- The construction industry is expected to continue to grow in the next few years.
- There will be an increasing demand for green construction and sustainable buildings.
- Construction companies will need to adopt new technologies to stay competitive.
- There will be a continued shortage of skilled labor in the construction industry.
Consider the Future of Construction
The construction industry is vast and ever-growing as it is a service that every other industry needs. As a current or future business owner, it’s important to understand the construction industry as it is today and where it is heading in the future, so you can plan accordingly.