How much is the construction industry worth worldwide?

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.

How much is the construction industry worth in the UK 2020?

Construction output in May 2020. Construction output increased by 8.2% in May 2020 compared with April 2020, rising to £8,253 million, though output remains at a substantially lower level than normal compared with the all work construction output series prior to March 2020.

How much is the construction industry worth in the US?

Construction is a major contributor to the U.S. economy. The industry has more than 680,000 employers with over 7 million employees and creates nearly $1.3 trillion worth of structures each year. Construction is one of the largest customers for manufacturing, mining and a variety of services.

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How large is the construction industry?

The US construction industry at a glance In 2019, the US construction industry was worth $1.3 trillion. As of 2020, the construction industry has 680,000+ employers and 7 million employees2 — this is a decrease from 2018, where there were 11.2 million construction employees.

How fast is the construction industry growing?

Construction in the US industry trends (2016-2021) Sector revenue has grown in recent years, rising at an annualized rate of 2.7% to $2.5 trillion over the five years to 2021, including a projected increase of 5.2% in 2021 alone as the economy begins to recover from the COVID-19 (coronavirus) pandemic. 7

How is the construction industry doing 2020?

In fact, the modular construction market has a projected annual growth rate of 6.9 percent, being valued at up to $157 billion by 2023. Another construction industry trend that will continue into 2020 is the improving standards and use of better safety equipment products.

Is the UK construction industry growing?

Construction output grew by 0.9% (£123 million) in January 2021 compared with December 2020 because of monthly growth in most sectors, following the 2.9% (£410 million) fall in December 2020. This meant the level of output in January 2021 was 2.6% (£369 million) below the February 2020 level.

How big is the construction industry in UK?

Construction output in the UK is more than £110 billion per annum and contributes 7% of GDP (ref. Government Construction Strategy). Approximately a quarter of construction output is public sector and three-quarters is private sector.

What are the 3 types of construction?

The three types of construction specifications are prescriptive, performance, and proprietary.

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Is the construction industry dying?

Covid-19 crisis growing hallenges and Opportunities. The construction industry is huge, “stable”, as old as the world, and consumes up to 10% of all money used in the world. The construction industry is partly the driver of the economy, many internal processes are tied to it.

How much revenue does the construction industry make?

Construction generates over $360 billion in revenue and has a share of 9% in the total GDP of the country.

Which construction company is the best in the world?

Here are the top 10 international construction companies in the world, listed above in our SlideShare:

  • ACS Actividades de Construcción y Servicios S.A.
  • Hochtief Aktiengesellschaft.
  • VINCI.
  • China Communications Construction Group Ltd.
  • Bouygues.
  • Strabag.
  • Power Construction Corp.

What is the future of construction industry?

The key is digitalisation. More and more construction projects are incorporating systems of digital sensors, intelligent machines, mobile devices, and new software applications – increasingly integrated with a central platform of Building Information Modelling (BIM).

Is the construction industry growing?

Global Construction Industry Report 2021: $10.5 Trillion Growth Opportunities by 2023 – ResearchAndMarkets.com. The global construction industry is expected to reach an estimated $10.5 trillion by 2023, and it is forecast to grow at a CAGR of 4.2% from 2018 to 2023.

What percentage of jobs are construction?

A large bulk of the construction workforce—4.5 million in 2018, amounting to 62.3 percent of employment —is engaged in construction and extraction occupations.

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