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U.S. construction - total value of new construction put in place 2019

The strength of the construction industry tends to parallel that of the nation’s economy. After the Great Recession in 2008, there was a noticeable decrease in the value of new construction put in place in the United States. Since then, the construction industry has grown, reaching 1.31 trillion U.S. dollars in 2019. This data includes cost of labor and materials, cost of architectural and engineering work, overhead costs, interest and taxes paid during construction, as well as contractors’ profits.

Construction industry challenges

To sustain growth, there are several challenges that the construction industry in the U.S. is currently facing One of the most notable barriers to growth is the shortage in skilled labor. There are many construction jobs that remain unfilled and contractors have difficulty finding someone for the position. Costs of building materials may also continuing to rise, fueled by a decrease in supply and an increase in demand. The construction industry also tends to be a slow moving market and is slow to adopt new technologies. To remain competitive, companies must adopt new technologies like management software, drone and aerial photography, and building information modeling. The modernization of the industry will also likely lead to the increasing use of environmentally friendly construction techniques. Under growing demand for sustainable buildings, companies must incorporate efforts to reduce their carbon footprint.

Total value of new construction put in place in the U.S. from 2008 to 2019

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Source

Release date

2020

Region

United States

Survey time period

2008 to 2019

Supplementary notes

* Revised.

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Statistics on "KBR Inc."

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