The construction sector is one of the largest in the world economy, with about $10 trillion spent on construction-related goods and services every year. However, the industry’s productivity has trailed that of other sectors for decades, and there is a $1.6 trillion opportunity to close the gap.
Beside above, how big is the construction industry market?
In respect to this, how large is the construction industry in the United States?
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.
How much is the construction industry worth 2021?
According to the fourth quarter 2020 Global Construction Survey, the construction industry in the U.S. is expected to grow by 15.6% to reach $1,515,659.4 million in 2021. Furthermore, the construction industry is expected to grow steadily over the next four quarters with growth momentum also expected to continue.
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.
Is construction a mature industry?
Construction may be the most cyclical of all the major industries. … We are currently in a “mature” construction cycle. Construction success hinges on identifying the current cycle and leveraging the benefits of that cycle.
What is the construction industry worth worldwide?
Oxford Economics estimate the global construction market was valued at US$10.7 trillion in 2020; US$5.7 trillion of this output was in emerging markets. The global construction market is expected to grow by US$4.5 trillion between 2020 and 2030 to reach US$15.2 trillion with US$8.9 trillion in emerging markets in 2030.
What is the global construction market?
The global construction market is expected to grow from $11,491.42 billion in 2020 to $12,526.4 billion in 2021 at a compound annual growth rate (CAGR) of 9%. … Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market.
What is the largest industry in the world?
The Biggest Industry In The World?
- That’s right, the financial industry is the largest industry in the world! Totalling $109 trillion, it dwarfs the competition. …
- Financial services. Technically, the financial industry is composed of companies that offer financial services. …
- The foundation of the economy.
Where in the world is construction booming?
A new report released today – Global Construction 2030 – forecasts the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030, with three countries – China, US and India – leading the way and accounting for 57% of all global growth.
Which country has largest construction industry?
Construction Employment
| # | 37 Countries | Thousand Units (Persons) |
|---|---|---|
| 1 | #1 United States | 11,372.75 |
| 2 | #2 Japan | 4,986.67 |
| 3 | #3 Mexico | 4,294.93 |
| 4 | #4 Germany | 2,859.60 |
Which country is famous for construction?
The top three countries on our list – China, the United States and India – will account for 57% of all global growth in the construction and engineering markets by 2030, amounting to USD £4.5TN. Those three nations account for over a third of the world’s population and economic output.
Which country is most advanced in construction?
China overtaking the US
Naturally, a country’s individual construction market strength will shift a lot depending on a variety of factors – from economic stability to population growth, or simple change in needs. But the US has remained on the top spot for a long time.
Who is the largest contractor in the world?
| RANK 2020 | RANK 2019 | FIRM |
|---|---|---|
| 1 | 1 | CHINA STATE CONSTRUCTION ENGINEERING CORP., Beijing, China |
| 2 | 2 | CHINA RAILWAY GROUP LTD., Beijing, China |
| 3 | 3 | CHINA RAILWAY CONSTRUCTION CORP. LTD., Beijing, China |
| 4 | 4 | CHINA COMMUNICATIONS CONSTRUCTION GROUP LTD., Beijing, China |