How is Construction Industry in US?
The construction industry plays a vital role in the economy of any country. In the United States, this is especially true, as the construction industry accounts for a large percentage of the nation’s GDP. Construction activity in the US has always been volatile, however, and this was certainly the case during the Great Recession of 2007-2009, when construction activity plummeted. In the years since, the industry has made a slow and steady recovery, but there are still some challenges that need to be addressed.
In this article, we will take a look at the current state of the construction industry in the United States. We will examine some of the key indicators to see how things are progressing and identify some of the challenges that the industry is facing.
Overview of the Construction Industry in the United States
The construction industry comprises a wide range of activities, from the construction of residential homes to commercial buildings and infrastructure projects. In terms of economic activity, the construction industry is one of the largest in the United States, accounting for around 4% of GDP.
In terms of employment, the construction industry is also one of the largest in the United States, with around 7 million people employed in the sector. This includes both direct and indirect jobs, such as those in manufacturing and engineering that are related to the construction industry.
The value of construction projects in the United States is also huge, with around $1.3 trillion worth of projects completed each year. This figure is expected to grow in the coming years, as the economy continues to recover and more people start to invest in construction projects.
Is construction the largest industry in the US?
No, the construction industry isn't even in the top ten biggest industries in the United States. It makes up only about 4% of America's GDP, putting it at number 12 among all industries. The real estate, renting, and leasing business is the most important sector in the United States, contributing to 13% of GDP.
What is the current state of the construction industry?
Skilled labor is still in short supply in the construction industry. According to data from the U.S. Bureau of Labor Statistics, there were 381,000 job openings in the sector in February, up approximately 60,000 from pre-pandemic levels.
The Associated General Contractors of America, meanwhile, found that 70% of firms reported having a hard time finding qualified workers to fill open positions in 2020. The most common reason cited for this difficulty was the lack of experienced workers, followed by the increased competition from other industries and the challenges posed by the pandemic.
Who is the biggest construction company in US?
Bechtel Corporation
The largest construction firm in the United States, Bechtel has 55,000 employees and revenue of $17.6 billion each year.
What is the future of construction industry in US?
The construction industry in the United States is expected to grow in the coming years, as the economy continues to recover and more people start to invest in construction projects. The value of construction projects is expected to reach $1.5 trillion by 2025, up from $1.3 trillion in 2020. This growth will be driven by a number of factors, including an increase in population and a rise in disposable income.
Conclusion
The construction industry is a vital part of the economy in the United States. It employs millions of people and contributes a significant amount to the nation’s GDP. The industry has always been volatile, however, and this was certainly the case during the Great Recession of 2007-2009, when construction activity plummeted. In the years since, the industry has made a slow and steady recovery, but there are still some challenges that need to be addressed. Despite these challenges, the future of the construction industry in the United States looks bright, with strong growth expected in the coming years.
