Construction is a major contributor to the U.S. economy. There were more than 919,000 construction establishments in the U.S. in the 1st quarter of 2023. The industry employs 8.0 million employees and creates nearly $2.1 trillion worth of structures each year.
What percentage of the economy is the construction industry?
US GDP - Contribution of Construction Industry is at 4.00%, compared to 4.00% last quarter and 4.00% last year.
Is construction one of the largest industries?
Among all major industry sectors, construction employs 4.7% of total workers, making it one of the largest industries by employment.
How big is the construction industry in 2023?
This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2018-2027 in United States. Construction industry in United States is expected to grow by 6.1% to reach USD 1,419,192 million in 2023.
What is the market size of the construction industry in the US?
What was the market size of the Construction industry in the US in 2022? The market size, measured by revenue, of the Construction industry was $3.1tr in 2022. What was the growth rate of the Construction industry in the US in 2022? The market size of the Construction industry declined -5.6% in 2022.
How many people work in the construction industry in the US?
The construction sector employed nearly eight million people in the United States in July 2023, which was the highest number since the start of the COVID-19 pandemic. There is a strong correlation between the amount of investment in construction and demand for workers.