The construction industry is an important part of our economy and is changing rapidly. The latest construction statistics reveal some new trends. For example, there is more project data than there was ten years ago.
People are more open to adopting new technologies, e.g. Building Information Modeling (BIM) Software and computer-aided design (CAD) tools for designing, organizing and managing assets.
From workers to buyers, the evolution is evident. Understand industry trends and take advantage of new opportunities presented by these changes.
Construction Projects and Growth Statistics
Construction is a broad industry that spans commercial, residential, health and transport sectors. Here are some statistics showing the growth and dynamics of these segments.
- In July 2023, multifamily construction increased 12% from last year to $127 billion.
- In July 2023, commercial construction spending reached $128 billion, an 11% increase from the previous year.
- Home improvement spending will grow by 1% in 2023.
- In 2023, manufacturing construction will grow by 36%.
79%
of builders will use software to collect data and process information in 2021.
Source: Autodesk
- Sewage and garbage treatment construction will grow by 7% in 2023.
- Due to increased government spending, transportation construction will grow by 9% in 2023.
- 58% of owners will switch to design-build methods in 2023, moving away from traditional methods. Design-build projects are completed 102% faster than traditional methods.
Construction Statistics Technology and Innovation
The modern construction industry believes that becoming fully digital in the design, construction and operation of projects will save costs. As companies adopt building information modeling and artificial intelligence, the following statistics support this mindset.
Professionals are already experiencing improvements in communication and return on investment. Learn how adopting digital technologies can improve future profits.
- In 2021, 37% of companies are using drones on job sites.
- From 2021 to 2026, the construction robot market is expected to grow at an annual rate of 13.6%.
- In 2021, 53.7% of construction companies tested and adopted new technologies.
56%
of construction companies have no specific research and development (R&D) budgets for 2021.
Source: JBK
- 90% of construction workers use smartphones at work, 82.8% use laptops, and 12.4% use smart watches.
- About 29% of construction companies have a BIM department, and by 2021, 35% of construction companies will outsource BIM-related tasks.
- Only 3% of construction companies do not use specialized software tools at all.
- In 2021, 98% of large U.S. construction companies use BIM.
- The artificial intelligence market in construction is expected to reach $4.51 billion by 2026.
Construction Labor Employment Statistics
The construction industry requires skilled labor. Their demand is so great that many organizations have had to extend project timelines due to a shortage of workers in the industry. The following statistics relate to the employment status of construction workers.
Here are some key insights into salaries, workplace accidents and jobs in the industry.
- As of May 2023, there are 336,000 open positions in the U.S. construction industry.
- By 2023, women will make up nearly 11% of the construction industry workforce.
- In 2020, Latinos or Hispanics made up 34.2% of the construction workforce.
- In 2020, workers aged 42 to 61 accounted for 54.6% of the industry.
11.8 million people
Employed in the construction industry in 2022.
Source: U.S. Bureau of Labor
- The U.S. construction industry has the highest number of fatal workplace injuries, with 1,015 fatalities in 2021.
- Construction worker wages will increase by 6% in 2021.
57%
In 2021, the number of workers in construction companies was less than 200.
Source: JBK
- In 2021, 62% of contractors need assistance finding skilled workers. 74% of contractors have higher requirements for qualified workers.
- In 2021, labor shortages resulted in the extension of 44% of company projects.
- In December 2021, there were 337,000 job openings in the construction industry.
- To address labor shortages, 29% of companies are investing in technology and offering incentives.
- The average annual salary for a construction manager in 2022 is $110,160.
- In June 2023, construction workers earned an average of $36.31 per hour.
- In 2022, the typical non-union construction worker earned $976 per week.
The economic side of the construction industry
These statistics discuss the economic impact of the construction industry. You can gain insight into current spending on construction activity and its upward trends. As spending increases, so does the market value of the building.
- Large projects are often 20% behind schedule and even over budget by as much as 80%.
- 98% of large projects face delays or budget overruns.
- In 2020, the revenue of the 400 largest construction companies in the United States was approximately $414 billion.
- U.S. construction spending will reach $1.79 trillion in 2022.
- In 2022, private sector projects accounted for 79% of the $1.79 trillion in construction spending.
- Engineering and construction spending will grow by 11% in 2022 and is expected to grow by 3% in 2023.
- Construction spending increased by 6.8% to 7.5% from 2021 to 2022 in the New England, South Atlantic, Mountain and Northeast regions.
- Twenty percent of construction work in the United States occurs in five major cities: New York, Dallas, Houston, Los Angeles, and Washington.
- Construction costs in San Francisco are $444 per square foot, making it the most expensive city in the world in 2022.
- In November 2021, the cost of construction materials increased by 14.1%, three times the increase last year.
- COVID-19 disrupted budget or schedule goals for 37% of companies.
- At the end of the design and construction phase, up to 30% of the initial project data is lost.
- The global average cost of construction disputes is US$54.26 million.
- Insufficient data resulted in the rework of 14% of construction worldwide.
- Total construction volume increased by 12% in 2021 compared to 2020.
- By 2050, the industry will have to build 13,000 buildings every day to accommodate an estimated urban population of 7 billion.
Lay one brick at a time
The above statistics show that the construction market is growing steadily. Growth will expand and accelerate as adoption of technology and digital solutions increases. Technology-enabled construction, especially in the areas of design and management, will help many businesses save costs and maximize profits.
Learn how Building Information Modeling Can help construction companies better organize and manage assets.