Data from the US Census Bureau showed that the total value of construction put in place rose for the third consecutive quarter, posting a quarter-on-quarter (Q-o-Q) rate of 2.2% in Q1 2021, compared to an increase of 4.7% in Q4 2020.17 ago 2021
Is construction a growing industry?
Construction in the US industry trends (2016-2021) Sector revenue has grown in recent years, rising at an annualized rate of 2.4% to $2.4 trillion over the five years to 2021, including a projected increase of 2.6% in 2021 alone as the economy begins to recover from the COVID-19 (coronavirus) pandemic.17 sept 2021
Is construction a dying industry?
The crisis of the construction industry in the United States A similar downward trend is observed in North America. ... As in Europe, after the crisis of 2019, most likely only in the United States, approximately 2–3 million people working in construction will have to change jobs.
How technology is changing the construction industry?
Technological advances in construction have been changing the way almost everything is done. One of the most noticeable areas of change is the materials used. New technologies are allowing for innovative steps like recycling concrete. Scientists are also hard at work developing more eco-friendly materials.25 ago 2021
What is the construction outlook for 2021?
Spending for 2021, with 10 months actual in year-to-date, is forecast up +7.4%. However, that can be misleading. Residential spending for 2021 is up 22% while Nonresidential Bldgs is down -5% and Non-Bldg is down -1.7%.
What is the outlook for building construction?
Putting this all together we expect total construction spending to increase by 7% in 2021, but suspect that the decline in residential spending of potentially 14% (after two consecutive annual rises in excess of 20%) will more than offset the recovery in non-residential spending next year.8 sept 2021
Is residential construction growing?
“On the demand side, 683,000 new homes were sold in 2019 and 822,000 new homes were sold in 2020, 21.1% higher than 2019. It was the highest annual growth rate since 1983. Robust demand for housing, supported by low mortgage rates, has driven residential construction spending up.”6 oct 2021
Is there a high demand for construction workers?
Demand for construction boomed during the pandemic thanks to a wave of home improvements, but the industry's workforce shrank, plummeting from 7.65 million workers in February, 2020, to 6.53 million just two months later, BLS data shows.5 nov 2021
Are construction jobs declining?
Construction employment in the pandemic era peaked in March and has drifted down consistently since June. ... Nonresidential construction employment declined by 20,300 positions on net, with all three subcategories registering losses for the month: Nonresidential specialty trade contractors: -9,200 jobs.3 sept 2021