Construction industry statistics from 2017 reveal future issues and trends to watch.
A picture is worth a thousand words, but statistics are also compelling — especially in an industry that’s driven by numbers. The following numerical data, as reported by Construction Dive, are based on a recap of 2017; they are noteworthy in billboarding the near future for construction.
$1.6 trillion — The opportunity cost, according to McKinsey Research, of the construction industry’s hesitation to adopt new technology. While new technologies are making inroads in the construction market – drones, and high-tech, virtual reality & AR wearable devices – the industry remains somewhat old-school and slow to adapt, thus missing opportunities to grow the market.
$200 billion – According to Moody’s, the estimated damage from Hurricanes Harvey and Irma that ravaged Texas and Florida this year. The stat is a strong argument for resilient design and planning for extreme weather events and rising sea levels.
$5 billion — The amount of money Amazon is planning to put into its second headquarters (HQ2) building, location TBD.
1,200 — The number of concrete buildings that fall under Los Angeles’ seismic retrofit ordinance, which is the first of its kind in the country. Another tale of governmental policies that are shaping the construction industry and driving resilient design standards to ensure public safety, while protecting property owners’ investments.
76 — The percentage of U.S. construction companies that indicate the tight labor market will stay the same or worsen throughout the year. This statistic, unveiled by the Associated General Contractors of America, bodes well for next-generation practices such as off-site construction, prefabrication and modular assembly, that have proven to help mitigate the industry’s persistent skilled labor shortage.
56 — The average age of the more than 90,000 dams in the U.S. The Association of State Dam Safety Officials estimates the necessary work on the country’s non-federal and federal dams would cost more than $64 billion. Now there’s a construction market opportunity!
3 — The number of months it took to 3-D print a 26-foot-long concrete bridge in the Netherlands comprised of 800 layers of reinforced, pre-stressed concrete material. 3-D printing and comparable new technologies are changing the building industry.