The United States is one of the largest construction markets worldwide with expenditure reaching over 1,162 billion US dollars. Industry trends range from emerging construction careers, new avenues of construction spending, changing workforces and green construction methodologies which have been successfully transforming the industry as a whole. The relevant industry statistics and facts can help you make important future decisions with regards productivity tools, preconstruction planning, workforce efficiency, and risk assessment.
Let’s take a look at the current statistics about the state of the construction industry:
The steep rise in the number of housing units: As consumers consider the homes as financial assets, there is ever-expanding demand for new and remodeled housing. Simultaneously, financial and technological investments in the homebuilding industry have transformed the operations and structure of homebuilders, material suppliers, remodelers, and other related sectors involved in every aspect of housing construction. The construction industry witnessed the boom in the housing units particularly in 2017-2018. In the US, currently over one million new housing units are planned for completion as against 583,000 in 2009.
Rising cost of materials: Rising cost of material is another trend in the construction industry. In the recent years, costs of iron and steel have increased between 5% and 6% respectively. Besides, the prices of roofing and siding products and plumbing fixtures are also on the rise. These factors have been leading the construction company to seek eco-friendly, reusable or recycled materials as alternatives to make up for the rising cost of basic construction materials.
Work is plentiful, but there aren’t skilled employees: With more money going into the construction industry and increase in number of projects, there is lack of enough skilled workers. This narrow talent pipeline has added extra hurdle, time, and costs to many projects. According to studies, 56% of builders suffered from a shortage of workers in 2016 while placing higher stress and burden on those working on site.
Increase in workplace incidents since 2013: Incidents in the construction industry ranges from illness to physical injury. The number of incidents among construction workers, in 2013, was 856 per 100 workers annually. In 2016, the number was increased to 1,034 incidents per 100 workers. Occupational Safety and Health Administration (OSHA), has placed certain criteria for workplace conditions that must be met. Violation of these criteria produces harmful work conditions for workers.
Temporary construction workers are on the rise: The number of temporary workers in the construction industry peaked in 2013, accounting for 14% of the workforce in the construction industry. Temporary workers are hired on-demand basis and are laid off when the demand drops. In fact, there is an increase in daily wages in January 2018 compared to the fall in 2017. The average hourly wage for the construction employee in 2017 was $29.09 while in January 2018; the hourly wage has increased to $29.33, indicating the underlying strength in the industry.
Stats about the state of the construction industry have both positive and negative outlooks. Workplace safety must be prioritized by construction companies as the business continues to boom. To learn more about the current happenings in the construction industry, keep yourself logged in to A F Alber. We take the utmost pleasure in providing you with information