Is the construction industry growing in the US?

Construction in the US industry trends (2016-2021) Sector revenue has grown in recent years, rising at an annualized rate of 2.4% to $2.4 trillion over the five years to 2021, including a projected increase of 2.6% in 2021 alone as the economy begins to recover from the COVID-19 (coronavirus) pandemic.

How big is the US construction industry?

Construction is a major contributor to the U.S. economy. The industry has more than 733,000 employers with over 7 million employees and creates nearly $1.4 trillion worth of structures each year. Construction is one of the largest customers for manufacturing, mining and a variety of services.

What is the outlook for construction in 2021?

US construction industry to grow by 1.8% in 2021 and 3.1% in 2022, before it moderates to an annual average growth of 2.2% over the reminder of the forecast period. This compares to the previous forecasts of 1.4% for this year and 2.8% for next year.

Is the construction industry the largest industry in the US?

As one of the largest industries in the US (and the world), the construction market remains lucrative. Beyond the coronavirus-induced hiccups that hit the industry in early 2020, the US construction industry is constantly changing and adjusting to new economic climates around the globe.

How much will the construction industry grow?

The construction industry in the United States is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 4.7% during 2021-2025. The construction output in the country is expected to reach US$ 1819106.1 million by 2025.

How much is the construction industry worth 2021?

According to this Q4 2020 Global Construction Survey, the construction industry in the United States is expected to grow by 15.6% to reach US$ 1515659.4 million in 2021. Despite near-term challenges in certain construction sectors, the medium to long term growth story in the United States remains intact.

Is construction a leading industry?

Nearly 118,800 jobs are projected to be added in the construction industry by May 2023. Construction generates over $360 billion in revenue and has a share of 9% in the total GDP of the country. Only healthcare and retail outperform construction in these numbers.

What is the growth rate of the construction industry?

But with increased work, the construction industry will have a higher employment rate than the overall economy. Construction has a 4.5% projected growth rate over the next several years, making construction staffing the leading industry in wage and employment growth.

What are construction trends?

Construction Industry Trends all over the world show a rise in its rate of growth. This industry is composed of many components including construction of heavy and civil engineering (highways, bridges, railway tracks, airports, etc.), real estate (both residential as well as commercial) development,…

What is building industry?

(1) The building and construction industry is the industry of constructing, deconstructing, reconstructing, renovating, altering, demolishing, relocating, maintaining or repairing any of the following –. (a) buildings; (b) spa pools and swimming pools; (c) roads, railways, airfields or other works for the passage of anything;

What is home building industry?

The Homebuilding Industry is comprised of several of the nation’s largest publicly traded residential construction companies. From a strategic standpoint, all of the builders generally adhere to a similar operating model that centers primarily on land purchases and construction activity.