The global construction industry is a rapidly growing sector, with the value of the market expected to reach USD 10.5 trillion by 2023 at a CAGR of 4.2%. The US construction market alone is projected to reach USD 1.428 trillion by 2024 and green building construction is estimated to account for more than 47% of this figure in 2021. In 2020, China’s construction market was valued at approximately 3.29 trillion yuan (about 506 billion USD). Additionally, roughly 10% of world steel production goes into the global construction industry each year and cost-of-living indices show that on average 143 points are spent per 100 units globally when it comes to constructing buildings or infrastructure projects – with higher costs being seen in certain countries such as Australia where 8% of GDP went towards its own domestic constructions last year compared to India’s 6%.
In terms of technology advancements within this field, smart building markets are predicted to be worth over 105 billion dollars by 2024 while modular constructions will hit 157 billion dollars during their forecast period from 2021-2026; both figures showing an impressive growth rate due largely in part because they offer faster build times and improved safety standards which have become increasingly important factors since Covid19 began impacting our lives back in early 2020 – not forgetting also that 2/3rds less waste can be produced through these methods too. Furthermore, prefabricated structures could see even greater demand going forward given how much easier they make transportation between sites whilst still providing high quality results; something which has been reflected already via their current 8 percent CAGR up until 2026 according Global Market Insights Inc.. Finally there’s rental equipment services who provide access without ownership commitments but instead charge customers based upon usage timeframes – making them ideal solutions for those looking short term contracts or one off jobs alike. All things considered then it appears clear why experts predict we’ll need around 2 ½trillion square feet worth new builds come 2050 if urban populations continue rising as anticipated…
This statistic is a powerful indicator of the immense potential of the global construction industry. It highlights the tremendous growth that the industry is expected to experience over the next five years, with a CAGR of 4.2%. This is a clear indication that the construction industry is set to become a major economic force in the coming years, and a blog post about construction statistics should take this into account.
The US construction market is projected to reach USD 1.428 trillion by the year 2024.
This statistic is a testament to the immense potential of the US construction market. It highlights the immense growth potential of the industry, and serves as a reminder of the lucrative opportunities that lie ahead for those involved in the construction sector. It is a clear indication that the US construction market is on the rise, and is set to become an even more profitable industry in the years to come.
Construction Statistics Overview
The construction industry in the United Kingdom (UK) contributed to a Gross Value Added (GVA) of approximately 118 billion British pounds in 2020.
This statistic is a powerful indicator of the immense contribution the construction industry in the UK has made to the economy in 2020. It highlights the importance of the sector in terms of its economic output and its role in driving economic growth. This data is essential for understanding the current state of the construction industry in the UK and provides valuable insight into the sector’s performance. It is also a useful tool for policy makers and industry stakeholders to assess the impact of their decisions and strategies.
Green building construction is projected to account for more than 47% of the US construction market by 2021.
This statistic is a clear indication of the growing importance of green building construction in the US construction market. It shows that green building construction is becoming increasingly popular and is likely to become the dominant form of construction in the US in the near future. This is significant for the construction industry, as it means that companies must be prepared to adapt to the changing landscape and invest in green building technologies in order to remain competitive. Furthermore, this statistic is important for the environment, as it suggests that the US is taking steps towards reducing its carbon footprint and becoming more sustainable.
The Asia-Pacific construction equipment market is anticipated to register a CAGR of about 3% during the forecast period (2020 – 2025).
This statistic is a valuable insight into the future of the Asia-Pacific construction equipment market, indicating that the industry is likely to experience steady growth over the next five years. This is important information for anyone interested in the construction industry, as it provides an indication of the potential opportunities and challenges that may arise in the near future.
The global prefabricated construction market is expected to grow at a CAGR of over 8% from 2020 to 2026.
This statistic is a clear indication that prefabricated construction is on the rise, and is likely to continue to grow in the coming years. This is an important trend to note for anyone in the construction industry, as it could mean more opportunities for businesses to capitalize on this growing market. Additionally, it could also mean that more resources and investments are being put into prefabricated construction, which could lead to more efficient and cost-effective construction projects.
The global construction equipment rental market was valued at USD 109.879 billion in 2020 and is anticipated to reach a value of over USD 145 billion by 2026, growing at a CAGR of 5.5% over the forecast period (2021-2026).
This statistic is a powerful indicator of the growth of the construction equipment rental market, demonstrating that it is expected to expand significantly over the next five years. This is an important piece of information for anyone interested in the construction industry, as it shows that the sector is likely to remain a lucrative one for the foreseeable future. Furthermore, it provides a valuable insight into the current state of the market, allowing readers to make informed decisions about their investments.
In 2020, China’s construction market was valued at approximately 3.29 trillion yuan (about 506.65 billion USD).
This statistic is a powerful indicator of the immense size and scope of China’s construction market. It speaks to the sheer magnitude of the industry, and the potential for growth and development in the years to come. It also serves as a reminder of the importance of the construction sector in the Chinese economy, and the potential for it to be a major driver of economic growth. In short, this statistic is a testament to the importance of the construction industry in China, and its potential to shape the future of the country.
According to World Bank data from 2020, the global cost of living in the construction industry was on average 143.8, with the United States being the reference at 100.
This statistic is a valuable insight into the global construction industry, as it provides a clear indication of the cost of living in different countries. It is especially useful for those looking to compare the cost of living in different countries, as it provides a reference point of 100 for the United States. This information can be used to inform decisions about where to invest in construction projects, as well as to understand the cost of living in different countries.
The global smart building market, which includes construction projects with integrated smart technology, is expected to reach USD 105.8 billion by 2024, at a CAGR of 34.8% during the forecast period (2019-2024).
This statistic is a clear indication of the growing importance of smart technology in the construction industry. It shows that the demand for smart buildings is increasing rapidly, and that the market is expected to reach a staggering USD 105.8 billion by 2024. This is a significant milestone for the construction industry, and it highlights the need for businesses to invest in smart technology in order to remain competitive. Furthermore, this statistic serves as a reminder of the potential of smart technology to revolutionize the construction industry and create a more efficient and sustainable future.
The global construction chemicals market is predicted to reach USD 50.3 billion by 2027, at a CAGR of 6.3% during the forecast period (2020-2027).
This statistic is a powerful indicator of the potential growth of the construction chemicals market in the coming years. It shows that the industry is expected to experience a steady increase in demand, with a CAGR of 6.3% over the forecast period. This is an important piece of information for anyone interested in the construction industry, as it provides insight into the future of the sector and the potential opportunities that may arise.
The construction industry in Canada employed 1.52 million people as of the first quarter of 2021.
This statistic is a powerful indicator of the importance of the construction industry in Canada. It shows that the industry is a major employer, providing jobs to a large number of people. This is especially important in the current economic climate, as it demonstrates the industry’s resilience and ability to provide employment opportunities. Furthermore, it highlights the importance of the construction industry in the Canadian economy, and its potential for growth in the future.
According to the U.S. Bureau of Labor Statistics, the construction industry in the United States employed approximately 7.43 million people in 2020.
This statistic is a powerful indicator of the importance of the construction industry in the United States. It shows that the industry is a major employer, providing jobs for millions of people and contributing significantly to the economy. This statistic is especially relevant in a blog post about Construction Statistics, as it provides a snapshot of the industry’s current state and its potential for growth.
The construction sector in Australia accounted for 8.0% of the Gross Domestic Product (GDP) in 2019.
This statistic is a powerful indicator of the importance of the construction sector in Australia’s economy. It shows that the construction industry is a major contributor to the nation’s GDP, and its performance has a direct impact on the overall economic health of the country. This makes it an important factor to consider when discussing the state of the construction industry in Australia.
In 2018, the construction sector in India generated a revenue of USD 157.4 billion.
This statistic is a testament to the immense potential of the construction sector in India. It highlights the fact that the sector is a major contributor to the country’s economy, generating a staggering USD 157.4 billion in revenue in 2018. This figure is indicative of the immense growth and development that the sector has seen in recent years, and serves as a reminder of the importance of the construction industry in India.
The European construction sector is expected to grow by 21.0% by the year 2030.
This statistic is a clear indication of the potential for growth in the European construction sector over the next decade. It highlights the importance of the sector in the European economy and the potential for businesses to benefit from the increased demand for construction services. It also serves as a reminder of the need for investment in the sector to ensure that it can meet the growing demand and remain competitive in the global market.
The construction output of the global construction industry reached USD 11.42 trillion in 2020.
This statistic is a testament to the sheer size and scope of the global construction industry. It highlights the immense economic impact of the industry, and the importance of understanding the latest construction statistics in order to make informed decisions. It also serves as a reminder of the importance of the construction industry in driving economic growth and development.
The modular construction market is projected to reach USD 157.19 billion by 2026, at a CAGR of 6.9% during the forecast period (2021-2026).
This statistic is a powerful indicator of the potential growth of the modular construction market in the coming years. It shows that the industry is expected to experience a steady increase in demand, with a CAGR of 6.9% over the forecast period. This is great news for those in the construction industry, as it suggests that there will be plenty of opportunities for growth and expansion. Furthermore, this statistic is important for anyone interested in the construction industry, as it provides a glimpse into the future of the industry and the potential for success.
By 2050, the global urban population is projected to require 2.5 trillion square feet of new buildings, equivalent to constructing a new New York City every month for the next 40 years.
This statistic is a stark reminder of the immense challenge that lies ahead for the construction industry. With the global urban population projected to require 2.5 trillion square feet of new buildings by 2050, it is clear that the industry must rise to the occasion and develop innovative solutions to meet this demand. The sheer scale of the task is staggering, and it is essential that the industry is prepared to meet the challenge.
Conclusion
The global construction industry is a rapidly growing sector, with the value of the market expected to reach USD 10.5 trillion by 2023 and continue to grow at an impressive rate in the years ahead. The US, UK, China and India are some of the largest markets for construction activity worldwide while green building initiatives have been gaining traction across many countries as well. Additionally, prefabricated constructions and modular buildings are becoming increasingly popular due to their cost-effectiveness and sustainability benefits. Furthermore, smart technology has become more prevalent in recent times which will further drive growth within this sector over time. With such promising prospects on offer it appears that there is much potential for continued success within this dynamic industry going forward into 2021 and beyond.
References
0. – https://www.bls.gov
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2. – https://www.fortunebusinessinsights.com
3. – https://www.statista.com
4. – https://www.businesswire.com
5. – https://www.data.worldbank.org
6. – https://www.psmj.com
7. – https://www.mckinsey.com
8. – https://www.euroconstruct.org
9. – https://www.globenewswire.com
10. – https://www.usgbc.org
11. – https://www.databank.worldbank.org
12. – https://www.mordorintelligence.com
