Value added of construction industry as a percentage of U.S. GDP 2007-2019

In 2019, the value added of the construction industry contributed 4.1 percent the gross domestic product in the United States. Value added is based on the enhancement an industry gives its products or services before offering them to their customers. It occurs when a product that could be considered homogeneous is given a feature that presents it with greater value. The construction market in the United States is one of the largest in the world, with private spending reaching 977 billion U.S. dollars in 2019 and with about 11.2 million people employed in the industry. It is expected that new construction put in place will total 1,449 billion U.S. dollars by 2023.

Construction industry challenges

To maintain its competitive standing, the construction industry must overcome various barriers, including those within the industry and external complications like the state of the U.S. economy. Currently, a shortage in skilled labor has slowed the speed of on-site projects and making it even more difficult for encouraging new talent to begin. The construction industry is also notoriously sluggish in their integration of new advancements and technology, such as project management software, drones, and building information modeling.

Value added by the construction industry as a share of gross domestic product in the U.S. from 2007 to 2019

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Source

Release date

2020

Region

United States

Survey time period

2007 to 2019

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Statistics on "Construction in the United States"

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