The construction industry is one of the many high-risk industries around the world, including North America. Do you keep up with the latest in the construction industry?
Did you know…
- In the United States, private construction spending reached around 899 billion U.S. dollars in 2016
- New construction put in place is forecast to reach over 1.4 trillion U.S. dollars by 2021
- With expenditures reaching over 1,231 billion U.S. dollars, the United States is the one of the largest construction market worldwide
- $35.4 Billion: The increase in the total value of construction projects nationwide in the last year
- 16%: The increase in construction industry fatalities between 2012 and 2015
- 10.6%: The percent of a construction project’s cost that falls under “other”
- Less Than 2%: The budget percentage that most construction managers spend on IT
- Positive trends in the residential market are the primary drivers of the booming construction industry growth
- Within the United States, new construction put into place is among the highest in the South Atlantic and Pacific regions
- Bechtel is currently one of the largest U.S.-based construction firms
- The construction and engineering company is headquartered in San Francisco was one of the largest construction contractors in the United States, based on revenues
- After the collapse of oil prices, the demand in the engineering and construction sector has slowed
- Political and policy changes under the new White House government will also inevitably alter the construction industry
- In the United States, spending in construction makes up a significant portion of the country’s gross domestic product (GDP) and public construction, a significant part of the construction industry
- In 2017, a total of approximately 280 billion dollars was spent on new public construction alone
- Public construction has come to essentially be part of the broad category of building, construction and infrastructural public works projects for use by the general public which is typically financed by state, local, or federal governments
- The annual values for state and local government construction are usually significantly higher than that at the federal level
- Public construction can also (like private construction) be categorised into residential or non-residential construction projects
- While the value of public residential construction spending experienced generally drastic fluctuations in value within the past decade, in contrast, non-residential construction has remained relatively stable
- Public construction primarily consists of public building construction (e.g. for education and health care), transportation (e.g. bridges, railroads, streets and highways) as well as construction for public services (e.g. power facilities, water supply, sewage and waste disposal)
- In 2017, highway and street projects covered the largest share of the dollar value for public construction spending at 87.7 billion U.S. dollars
- Some of the leading engineering and public construction firms located in the United States include Texas-based Fluor Corporation, Jacobs Engineering, based in Pasadena, California, as well as AECOM, based in Los Angeles, California
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