60+ Construction Statistics: Innovation and Trends (2024)

Construction, a significant part of our economy, is changing fast. The latest construction statistics show several new trends. For example, there’s more data on projects than a decade ago.

People are more open to adopting new technology like building information modeling (BIM) software and computer-aided design (CAD) tools to design, organize, and manage assets. 

The evolution is evident from workers to buyers. Discover what’s trending in the industry to take advantage of new opportunities arising from these changes.

Construction projects and growth statistics

Construction is a broad sector with several commercial, residential, sanitation, and transportation segments. Below are a few statistics showing these segments' growth and dynamics. 

• Multifamily residential construction rose by 18% in 2023 and is estimated to decrease by 7% to $131 billion in 2024.
• Single-family construction declined by 13% in Q4 of 2023 and is estimated to decrease by 10% to $354 billion in 2024.
• Compared to 2022, all residential segments have seen a decline, including single-family and multifamily construction, and are expected to continue through 2026
• Commercial construction spending hit $128 billion in July 2023, an 11% rise from the previous year. 
• Home improvement spending saw a 1% rise in 2023. 
• Manufacturing sector construction experienced a 36% increase in 2023. 
• 79% of builders use software to gather data and handle information.
• Sewage and waste disposal construction grew by 7% in 2023. 
• Transportation construction rose by 9% in 2023 due to increased government spending.
• Construction related to sewage and waste disposal grew by 7% in 2023
• Global spending on 5G infrastructure is anticipated to hit $24 billion in 2024
• In 2023, 58% of owners switched to design-build methods, moving away from the traditional approach.
• U.S. construction equipment rental sales are anticipated to surpass peak 2019 levels in 2024.
• In 2024, a boost to construction in manufacturing, transportation infrastructure, and clean energy infrastructure is predicted.

Technology and innovation in construction statistics

The modern construction industry feels that going fully digital in designing, building, and running projects will save costs. The stats below support this mindset as companies adopt building information modeling and artificial intelligence.

Professionals are already experiencing improvements in communication and return on investment. Discover how adopting digital technology can elevate profits in the future. 

• The construction robot market is set to grow by 13.6% annually from 2021 to 2026. 
• In 2024, a 30% increase in construction projects incorporating renewable energy solutions is predicted compared to 2022.
• The global green building market is poised to reach a remarkable $450 billion by 2024
• Cement production alone accounts for 8% of global CO2 emissions, and it will need to fall by 16% before 2030 for the sector to comply with the Paris Agreement on climate change.
• Using drones to measure building materials in real time has resulted in a 61% increase in measurement accuracy.
• 90% of construction workers use smartphones, 82.8% use laptops, and 12.4% use smartwatches.
• The BIM market was worth $8.06 billion in 2023 and is expected to grow to $9.43 billion in 2024
• BIM adoption has soared, surpassing 70% of global projects in 2024 (However, this adoption has been relatively slow)
• The global BIM is expected to expand at a CAGR of 12.08%, reaching USD 18257.0 million by 2027.
• The global CAD market size was valued at USD 9477.0 Million in 2022
• In 2028, the global CAD market size is predicted to be valued at USD 13544.0 Million with a CAGR of 6.13%
• In 2024, the G2 predicts a growth in the integration of CAD software with configure, price, and quote (CPQ) solutions to automate the creation of CAD drawings.
• The global construction management software industry is worth $9.3 billion.
• The AI market in construction is expected to hit $4.51 billion by 2026. 
• AI, storage, and processing needs will drive spending on office construction in 2024
• Only 3% of construction companies use no specialized software tools.

Construction labor employment statistics

The construction industry needs skilled labor. Its supply is so great that many organizations have had to extend project timelines due to a worker shortage. The statistics below concern the state of employment in construction labor. 

Here are some critical insights into salaries, work accidents, and jobs in the sector. 

• 11,896 construction workers were employed in the construction industry in 2023.
• The average hourly wage of all construction employees was $35.21 as of January 2024
• The median weekly earnings for a full-time, nonunion worker was $1,007 in 2023.
• The US had 336,000 open jobs in construction as of May 2023. 
• Women are almost 11% of the construction workforce in 2023. 
• 6.7% of the construction industry workforce were Black or African American in 2023.
• 1.7% of the construction industry workforce were Asian in 2023.

• The US construction industry saw the highest number of deadly work accidents, with 1,015 deaths in 2021. 
• The average annual salary for construction managers was $110,160 in 2022.
• Construction workers earned $36.31 per hour on average in June 2023. 
• A typical nonunion construction worker made $976 a week in 2022. 
• In 2021, 62% of contractors needed help finding skilled workers, and 74% of contractors demanded more from qualified workers. 
• To address labor shortages, 29% of firms invest in technology and provide incentives.

The economic side of the construction industry

These statistics discuss construction’s economic impact. You get insights into current spending on construction activities and how they’re trending upward. With the rising spending, construction's market value has also increased. 

•  In 2024, the expenditure on global construction statistics is projected to surpass $3.7 trillion
• The US construction spending reached $1.79 trillion in 2022.
• Total U.S. engineering and construction spending increased 5% in 2023 compared to 12% in 2022. 
• Private sector projects accounted for 79% of the $1.79 trillion spent on construction in 2022.
• Engineering and construction spending increased 11% in 2022, and a 3% increase is anticipated for 2023. 
• The investments in smart cities will grow to $203 billion in 2024.
• Construction spending in New England, South Atlantic, Mountain, and East North Central regions grew between 6.8% and 7.5% from 2021 to 2022.
• 20% of US construction takes place in five major cities: New York, Dallas, Houston, Los Angeles, and Washington.
• San Francisco's buildings cost $444 per square foot, making it the most expensive city globally in 2022.
• In 2023, New York City was the most expensive city to build in the world, costing $501.78/sq ft.
• In  2024, the rental market continues to demonstrate resilience, with one-bedroom apartment rents averaging approximately $1,200 per month
• Large projects tend to run 20% behind schedule and go as much as 80% over budget. 98% of mega projects face delays or budget overruns.
• Up to 30% of the initial project data is lost by the end of the design and construction phases. 
• The average global cost of construction disputes stands at $54.26 million.
• Insufficient data causes 14% of all construction rework globally. 
• Every day until 2050, the industry must construct 13,000 buildings to accommodate an expected urban population of 7 billion.
• Spending on office construction is forecasted to decrease by 4% from $99 billion to $94 billion in 2024.
• Commercial construction spending is at $128 billion as of July 2023, up 11% from the previous year.
• Home improvement spending increased by 1% in 2023
• Declining home prices, increased availability of labor and materials, and a weakening labor market will continue to challenge home improvement spending into 2025

Laying one brick at a time

The statistics above suggest the construction market is growing steadily. As the adoption of technology and digital solutions increases, the growth will expand and speed up. Tech-enabling construction, especially the design and management areas, will help many businesses save costs and maximize their profits.

Discover how BIM can help construction companies better organize and manage assets.