Created with Sketch. Created with Sketch.
Menu
(800) 966-6640
  • 0

    • Equipment Search

    Equipment Search

    Search
    100 Construction Industry Statistics for 2024

    100 Construction Industry Statistics for 2024

    Posted by United Skid Tracks on Jan 24th 2024

    The construction industry encompasses a vast range of jobs, projects, and sister industries, and so our team at United Skid Tracks wanted to compile a comprehensive list of 100 statistics that cover diverse aspects of this thriving field.

    Read on for our complete list of construction industry statistics.

    General Construction Industry Statistics

    • The global construction industry is expected to reach $17 trillion by 2029 (ToolSense)
    • The average hourly wage for a job within the construction industry is just over $31 (ToolSense)
    • Construction laborers earn approximated $21 an hour, while construction managers earn approximately $51 an hour (ToolSense)
    • The turnover rate of the construction industry as a whole is 21.4% (MindForge)
    • Meanwhile, the turnover rate of employees who are 24 or younger is 64% (MindForge)
    • As of September 2022, the average construction backlog is 9 months (Associated Builders and Contractors)
    • 72% of all firms say projects have taken longer than they were expected to (The AGC of America)
    • Only 13% of all construction firms are women-owned (Surety Bond Professionals)
    • Once World War II introduced women into the construction workforce, the female labor force grew by 50% from 1940 to 1945 (History)
    • Once World War II was over, 75% of women wanted to keep their construction positions (Khan Academy)

    United States Construction Industry Statistics

    • The construction industry is said to have 753,000 employers and 7.8 million employees in the United States (The AGC of America)
    • Heading into 2023, the construction industry is the 10th largest industry in the United States (Yahoo)
    • In 2022, the U.S. construction industry market size was valued at around $1.8 trillion (Statistica)
    • Approximately 4.3% of the United States GDP comes from the construction industry (ToolSense)
    • Approximately 10.9% of people who work in the construction industry in the United States are women (Fieldwire)
    • Texas had the highest construction spending in 2021 with $51 billion (LevelSet)
    • Alaska had the lowest construction spending in 2021 with $190 million (LevelSet)
    • The Turner Corporation was the biggest construction company in the United States in 2022 with $14.4 billion (LevelSet)
    • From 2023 to 2028, the CAGR in the United States is expected to grow by 8.9% (GlobeNewswire)

    Global Construction Industry Statistics

    • More than 180 million people work in the construction industry worldwide (Autodesk Digital Builder)
    • Global construction is expected to grow by $8 trillion by 2030 (ICE)
    • China, India, and the United States are the main contributors to the growing construction market (ICE)
    • The global construction market was valued at $12.74 trillion in 2022 (Expert Market Research)
    • The growth of the construction market is due to the rise in modernization, population, and domestic manufacturing worldwide (Expert Market Research)
    • The fastest-growing construction markets over the next 15 years are expected to be the Philippines, Vietnam, Indonesia, and Malaysia (Oxford Economics)
    • 13% of the world’s GDP accounts for all of the construction-related spending (McKinsey Global Institute)
    • Though the spending contributes to 13% of the global GDP, the overall productivity has only increased by 1% within the past 20 years (McKinsey Global Institute)
    • By improving seven different areas of the construction sector (rethinking design, reskilling workers, increasing onsite execution, etc.), construction productivity can increase anywhere from 50% to 60% (McKinsey Global Institute)
    • Around 75% of the global demand for construction machinery is focused on a dozen countries (Freedonia Group)

    Employment Statistics in the Construction Industry

    • As of January 2022, 4.8% of the U.S. workforce is employed within the construction sector (ToolSense)
    • Out of the 47% of women who make up the entire workforce, less than 2% of these women work in the construction industry (BigRentz)
    • Meanwhile, as of December 2021, the unemployment rate in the construction industry was 5% (ToolSense)
    • 300,200 more jobs are expected to be available in the construction sector in 2029 as compared to 2019 (Better Business Bureau)
    • Out of the construction executives surveyed, 60% of them predict there will be an industry expansion in 2023 (Projections)
    • In May 2021, the separation rate in the construction industry was 4.5%, meaning those individuals were either laid off or fired, or quit (Zippia)
    • Around 88% of employers say that they have a difficult time finding skilled employees (U.S. Chamber of Commerce)
    • In 2022, 12% of contractors say they always get paid on time in relation to their contract (LevelSet)
    • The recent labor shortage has resulted in the rise of LEAN and technological advances in the construction industry (BigRentz)
    • It is reported that 5% more young people chose to enter a trade between 2019 and 2021 than in previous years (ToolSense)
    • The average age of construction workers today is 42 years old (National Association of Home Builders)
    • 931,000 jobs have been added in the construction industry since May 2020 (ToolSense)
    • Gender-diverse companies are expected to achieve more profits for their businesses than less diverse companies (BigRentz)
    • In one study lasting three years, only 31% of construction projects finished within 10% of their initial budget (Zippia)
    • With an annual revenue of $17.6 billion, Betchel is the most successful commercial construction company in the United States (Mosaic)

    Residential Construction Statistics

    • In 2020, nearly $814 billion went toward residential construction (ToolSense)
    • In May 2023, just over $857 billion went to residential construction (United States Census)
    • The desire for residential construction increased by 275% from March to July 2020 (NPR)
    • There was a 12.8% year-over-year increase in residential houses built from 2021 to 2022 (DSNews)
    • 841,000 single-family homes and 457,000 multifamily homes began construction in 2022 (Mish Talk)
    • In March of 2023, approximately 1.41 million private housing units were approved via building permits (U.S. Census Bureau)
    • In March of 2022, approximately 1.88 million private housing units were approved via building permits (U.S. Census Bureau)
    • Between March 2022 and March 2023, the amount of building permits dropped by almost 25% (U.S. Census Bureau)
    • In 2022, the United States has witnessed more people move away from the Northeast and the West and to the South (U.S. Census Bureau)
    • The rate of people moving in 2021 was less than half of what it was in 1948, making it a historical low for the country (U.S. Census Bureau)
    • Matching the spending on construction, the most popular U.S. state to move to is Texas (This Old House)
    • On the other hand, California is the state that features the most people moving away (This Old House)

    Commercial Construction Statistics

    • The United States commercial building construction industry has decreased by 2.7% from 2017 to 2022 (IBISWorld)
    • In 2022, the commercial building construction industry is ranked 2nd in the construction industry, and 64th in the United States (IBISWorld)
    • Due to the ecommerce boom, there has been an increase in the need for industrial spaces for construction purposes (Tolj Commercial)
    • Commercial construction spending in 2022 amounted to $97 billion (LevelSet)
    • As of 2023, 20% of commercial office spaces are vacant across the United States (Cornell SC Johnson College of Business)

    Construction Safety Statistics

    Material Statistics

    • The profits of construction companies have risen steadily over time, mainly due to the increase in the cost of materials (The Business Research Company)
    • The price of lumber rose nearly 86% through 2020 and into 2021 (National Association of Home Builders)
    • Crude oil reached nearly $42 per barrel in 2020 (The Business Research Company)
    • Concrete has been the most popular building material throughout history (BigRentz)
    • From January to November 2022, the prices of all materials have mainly increased, including the following (LevelSet):
      • Cement (17.8%)
      • Concrete cinder blocks (53.8%)
      • Steel studs (20.7%)
      • Steel rebar (25.8%)
      • Steel panel (2.19%)
      • Aluminum angle (34.7%)
      • Asphalt (6.02%)
      • R-19 fiberglass insulation (12.1%)
      • R-13 fiberglass insulation (26.7%)
      • Drywall (12.9%)
      • Mold-resistant drywall (17.4%)
    • Though most material prices in 2022 increased, the lumber prices generally decreased, including for the following (LevelSet):
      • Untreated dimensional lumber (33.7%)
      • Treated dimensional lumber (39.2%)
      • Untreated plywood (20.4%)
      • Treated plywood (3.93%)

    Construction Industry Equipment Statistics

    • Construction machine manufacturing has been falling at a 2.7% CAGR from 2018 to 2023 (IBISWorld)
    • The market size of the construction machine manufacturing industry is valued at $37 billion (IBISWorld)
    • Construction tools and rentals were a $5-billion-dollar industry in the United States in 2021 (IBISWorld)
    • In 2020, the North American construction equipment market was estimated to be the second-largest machine market worldwide (Statistica)
    • Global demand for construction machinery is expected to grow by just over 6% annually by 2027 (Freedonia Group)
    • China is known to have the world’s largest construction machinery market (Freedonia Group)
    • Among the improvements that are being made to construction equipment, we are seeing the most notable increases in electric and smart technology (Freedonia Group)

    Statistics About the Construction of the World’s Most Notable Buildings

    • At 455 feet, The Great Pyramid of Giza was the tallest building in the world for 3,800 years (BigRentz)
    • The Empire State Building was the first structure to have over 100 floors (Science Kids)
    • The Empire State Building was also named the tallest building in the world from 1931 to 1972 (Science Kids)
    • The Empire State Building weighs 365,000 tons and has a volume of 37 million cubic feet (Empire State Realty Trust)
    • Currently, the tallest building in the world is The Burj Khalifa located in the United Arab Emirates (Guinness Book of World Records)
    • To complete the Burj Khalifa, it took 110,000 tons of concrete and 55,000 tons of steel rebar (Luxe Adventure Traveler)
    • It took 22 million man-hours to complete the Burj Khalifa (Luxe Adventure Traveler)
    • Though the Burj Khalifa is currently the world’s tallest building, the Jeddah Tower currently under construction is expected to be the tallest building in the world when completed (Guinness Book of World Records)
    • The Grand Coulee Dam used more concrete than any other construction with just less than 12 million cubic yards (Bureau of Reclamation)
    • The world’s largest office building is the Pentagon in Virginia, United States (Science Kids)
    • Around 4.3 cubic yards of concrete were used to construct the Hoover Dam (History)
    • It took just over two years and two months to build the Eiffel Tower, making it a landmark built exceptionally quickly (The Eiffel Tower)
    • Once completed, the Great Wall of China spanned over 20,000 km (Google Arts and Culture)
    • It took over 2,000 years to construct the Great Wall of China (Google Arts and Culture)

    Learn More from Our Industry Experts

    At United Skid Tracks, we supply high-quality and durable replacement rubber tracks for your original tracks. Shop our expansive product line or  contact us today to learn more.