Construction Industry Statistics in the U.S. in 2024
Last Updated: 13th June 2024
The construction industry holds a prominent place in the U.S. economy, encompassing over 745,000 companies that provide employment to approximately 7.8 million people annually. In 2023, total construction spending reached $1.98 trillion, marking a 7.4% increase from the previous year. This growth was primarily driven by nonresidential construction, which saw a 17.6% year-over-year increase, while residential construction spending decreased by 3% due to rising interest rates and inflation .
Key Takeaways
✓ In 2023, the U.S. construction sector had a market size of approximately $1.98 trillion, showing a growth trend from the previous year.
✓ There are approximately 745,000 construction businesses in the U.S. as of 2023.
✓ The industry has more than 745,000 employers with approximately 7.8 million employees annually.
✓ The construction industry accounts for roughly 4.3% of U.S. GDP. (zippia.com)
Section 01
Labor Force Statistics
Find the latest employment and unemployment statistics for the construction industry in the U.S. in the section below:
In January 2023, about 7.8 million workers, or roughly 4.9% of the U.S. workforce, were employed in the construction sector.
December saw an increase in the number and rate of job openings, reaching 11.2 million and 6.8%, respectively.
The construction industry saw one of the biggest job openings with +85,000 new job openings.
The construction field is expected to grow 4% from 2023 to 2033, resulting in an estimated 280,000 new jobs.
About 730,000 yearly openings are expected due to growth and replacement needs. 25,000 jobs were added in January in the construction industry .
25,000 jobs were added in January in the construction industry.
The growth reflects an average monthly employment increase of 23,000 in the construction industry.
The projected revenue for the construction industry in 2024 is estimated to be USD 12.3 billion.
In the U.S. construction industry, there are over 745,000 employers.
Approximately 4.9% of the entire U.S. workforce is comprised of workers in the construction industry.
The unemployment rate reached 5.2% in January 2024 in the construction industry.
In December 2023, the unemployment rate in the construction industry was 4.5%.
Approximately 11% of all construction workers are women. An expected annual growth rate of 2.8% is predicted.
Section 02
Construction Earnings and hours
The expected growth in employment in the construction industry by 4% from 2023 to 2033 is predicted to result in about 280,000 new jobs over the decade. But what does this translate to in terms of earnings and working hours? Continue reading for more information.
The median annual salary for construction workers was USD 49,810, surpassing the median annual salary across all occupations, which was USD 48,310
The average hourly earnings for workers in the construction industry were approximately USD 32.16
Construction laborers occupy the lowest position in the pay scale, with an hourly average pay of $21.50. Conversely, construction managers are at the pinnacle, receiving an average hourly pay of $52.02 or an annual pay of $108,210
Boilermakers: $66,520 (bottom 10% earned less than $47,120, top 10% earned more than $102,530)
Carpenters: $49,850 (bottom 10% earned less than $33,000, top 10% earned more than $82,420)
Construction and building inspectors: $63,920 (bottom 10% earned less than $39,520, top 10% earned more than $104,420)
Construction equipment operators: $50,030 (bottom 10% earned less than $37,020, top 10% earned more than $87,150)
Construction laborers and helpers: $38,760 (bottom 10% earned less than $29,550, top 10% earned more than $64,320)
Drywall and ceiling tile installers: $49,260 (bottom 10% earned less than $31,360, top 10% earned more than $98,420)
Tapers: $62,520 (bottom 10% earned less than $39,780, top 10% earned more than $102,730)
Section 03
Construction industry by state
This section will explore the construction industry across the different states in the US, highlighting the varying levels of construction businesses and job opportunities for workers.
The states of California, Florida, and New York boast the largest number of construction businesses in the U.S., with approximately 85,000, 65,000, and 50,000 businesses respectively.
As of 2023, the number of construction businesses in the U.S. has risen to around 745,000.
Over the five-year period between 2018 and 2023, the construction industry in the U.S. has seen an average annual growth of 2.5% in the number of businesses.
Texas has the highest employment level in construction laborers with 104,000 workers.
California follows in second place with approximately 103,000 employers in the construction industry.
New Mexico has the highest concentration of jobs and location quotients in construction laborers with 10,500 employees.
Utah follows with 19,500 employed in construction.
Illinois is the top paying state for construction laborers with an annual mean wage of USD 62,000.
Next are New Jersey with an annual mean wage of USD 61,000 and New York.
The annual mean wage for construction laborers in New York is USD 60,500.
Metropolitan areas with the highest employment level in construction laborers are New York-Newark-Jersey City, NY-NJ-PA with 47,000 employees.
Next are Los Angeles-Long Beach-Anaheim, CA with 28,500 employees.
Section 04
Construction industry market trends and the pandemic
Read the section below to learn more about the market trends in the construction industry during the pandemic and after the pandemic.
According to labor statistics, the construction industry faced a shortage of both staff and labor, with 381,000 job openings in February 2022 .
Before the pandemic, the construction industry had approximately 60,000 job openings.
A study spanning three years found that only 31% of construction projects were completed within 10% of their original budgets.
Bechtel, with a revenue of $21.8 billion in 2019, remains one of the largest construction companies in the U.S.
Construction spending rose by 4.8% from 2019 to 2020.
In 2020, the total amount spent on construction was $1.43 trillion, with $813.9 billion allocated to residential construction, a rise of approximately 12% from 2019 to 2020.
Meanwhile, nonresidential construction spending decreased by 0.04% during the same period, covering projects such as lodging, office, manufacturing, and educational facilities.
Nonresidential construction starts declined by 27% from 2019 to 2020 .
In 2020, the value of new construction projects was $38.6 billion, a figure that has decreased as companies halted construction of new offices and other facilities during their recovery from the pandemic.
The construction industry lost over 1.1 million jobs in March and April of 2020.
However, since May 2020, approximately 931,000 jobs have been regained in the industry.
Construction is projected to be valued at approximately $1.23 trillion in 2024.
It’s estimated that there will be approximately 300,200 additional construction jobs in 2029 compared to 2019.
Section 05
U.S. construction spending data and material cost
If you’re considering a career in construction but are unsure if it aligns with your goals, understanding the potential hazards can assist in making an informed decision since the construction industry accidents account for the highest fatality rate among all industries, with a fatal injury rate of 10.2% in 2020 and 9.7% in 2019.
The average total construction spending in the U.S. was $1.18 trillion between 2011 and 2021.
In 2023, the private sector construction spending in the U.S. was $1.38 trillion, while the public sector construction spending was $368 billion.
The commercial construction spending in the U.S. was $105 billion in 2023, while single-family residential construction spending was $420 billion.
According to FMI, spending is projected to reach $432 billion by 2024, a 4% increase.
The multifamily residential construction spending in the U.S. was $125 billion in 2023, with a forecasted spending of $130 billion by 2024, a 4% increase.
In 2023, the construction industry accounted for 4.3% of the U.S. GDP .
The construction industry had the highest number of preventable fatal injuries, 28% higher than the transportation and warehousing industry which was ranked second.
Approximately 250,000 preventable construction injuries were seen by medical professionals in 2020.
In 2023, there were 178,200 reported cases of nonfatal injuries or illnesses in the construction industry.
Out of these, 75,300 resulted in missed workdays, 32,500 led to job transfer or restrictions, and 70,400 were classified as other recordable cases .
The leading type of injury, accounting for 21,500 cases, was sprains, strains, or tears.
Section 05
Construction injury and fatal accidents statistics
Read the section below to learn what prices have increased and what prices have not increased in the construction market.
The average total construction spending in the U.S. was $1.18 trillion between 2011 and 2021.
In 2023, the private sector construction spending in the U.S. was $1.38 trillion, while the public sector construction spending was $368 billion.
The commercial construction spending in the U.S. was $105 billion in 2023, while single-family residential construction spending was $420 billion.
According to FMI, spending is projected to reach $432 billion by 2024, a 4% increase.
The multifamily residential construction spending in the U.S. was $125 billion in 2023, with a forecasted spending of $130 billion by 2024, a 4% increase.
In 2023, the construction industry accounted for 4.3% of the U.S. GDP.
Global supply chain constraints and pre-recession inflation have caused widespread spikes in material prices at various times.
Although some prices have returned to their previous levels, the overall trend has shown a net increase from January to November of 2022, with lumber being the exception.