Interesting Contractor Statistics That You Must Know in 2022

Contractor Statistics to know in 2022

Being in the construction industry invites a bunch of challenges where staying up to date becomes a responsibility. To stand by your construction goals, we’ve got you the top interesting contractor statistics that will keep you updated with all construction industry trends and stats. These statistics will keep you covered with the current scenario of the construction industry, worker demographics, industrial yield prediction, and its growth. Furthermore, this blog will give you insights on how you can work upon these trends to improve your construction business. 

If you are looking for ways to Improve Productivity in Your Construction Business, then you must check out this blog which will give you detailed information on methods to improve productivity.

Construction Industry Growth

The growth of the construction industry always demands more. The rise in population has led to more construction demands hence there is an expected hike in industrial growth. 

• By 2050, the population of 7 billion people living in cities would demand the construction of 13,000 buildings per day

• It is estimated that the global construction market will reach $11,093.7 billion by 2024

• In ten years, the construction industry expects 35 percent global growth

• Private sector construction industry spending hits the mark of $1.11 trillion in 2020

• Expected growth in net spending on new construction projects is likely to reach $338.8 billion US dollars in Canada

Construction Revenue

The construction industry always holds a great contribution to the global as well as local economy of a nation. Here are some contractor statistics that share global revenue from the construction industry.

• As per collective revenue, more than $45 USD was generated by the top 40 contractors in Canada

• Contractor statistics show the construction industry alone makes structures worth $1.3 trillion, which makes it one of the major contributors to the US economy.

•  In 2019, revenue of worth $2 trillion was generated by the U.S. construction industry

Construction Costs

Construction costs are rising globally which can be a hurdle to the profitability of construction projects. One should focus on hiring skilled workers and the budgets should be passed with precise attention.

• 2021 hits a rise of 6% in the wages and salaries of construction workers

• More than eighty percent of firms say construction costs have exceeded expectations

• Constructor statistics say 90% of global infrastructure projects are either over budget or are delayed

• Supply chain issues have experienced a major hike. Global supply issues have contributed to increasing construction prices in bulk.

• The price for construction goods has also increased by 17 percent as per the reports from the Producer Price Index

Construction Jobs

The COVID-19 pandemic did contribute to labor shortages in the industry but over time, unemployment rates have experienced a decline. When compared to the time during the pandemic, a slight increase in the labor force can be observed. The below contractor statistics are an explanation of it:

• November 2021 alone was responsible for employing more than 7 million workers. The total labor force is almost back to the pre-pandemic levels

• During the pandemic, 62% of contractors admitted to facing higher difficulty in finding workers for construction projects. 60% of them even raised bids for the projects

• There is a possibility of 400,000 new job opportunities in construction occupations by 2030

• $33.8 is the average hourly earnings of a construction employee in the U.S.

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One can utilize the contractor statistics and trends shared above to predict their industry yield in the coming years. Thus, the task of handling your current and upcoming construction projects can be made much easier with BuildMan. There are many benefits associated with this  Construction Management Software- BuildMan. To know them, read this blog. This software consists of advanced and distinctive features that will help construction companies and project managers in accomplishing their projects in a cost-effective and time-bound frame, what are you waiting for? Sign up today!