As one of the largest industries in the US (and the world), the construction market remains lucrative. Beyond the coronavirus-induced hiccups that hit the industry in early 2020, the US construction industry is constantly changing and adjusting to new economic climates around the globe. Construction statistics from 2022 show that there is not only a lot of growth in the market — but also increased risks.
Today, construction data is an invaluable asset for contractors that can assist them in their decision-making — from preconstruction to collecting payment. Construction statistics are changing how suppliers, subcontractors, and general contractors budget, schedule projects, bid, measure success with key performance indicators (KPIs), and more.
Contractors may also utilize construction statistics to make educated decisions regarding their business’ future, such as with productivity or with mapping out preconstruction. Risk assessment is also made clearer for contractors with access to construction statistics.
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One such risk is the payment processes of the construction industry, which have become a focal point of research in recent years.
As published in the 2022 Construction Cash Flow & Payment Report conducted in Quarter 1 of 2022, a survey of 519 construction professionals found that just 12% of construction companies report always getting paid on time, with fewer than half that offer 30-day payment terms actually getting paid within that time frame.
Below are some key construction categories with recent statistics that shed light on the state of the industry in the US, the workforce that powers it, and payment standards. These statistics not only provide a current outlook for construction, but also future trends for the industry.
Commercial & Industrial Building Contractor
As of January 2020, over 50% of US contractors expected profit increases within a six-month timeframe. Over the tumultuous course of 2020, confidence reached “historic lows” in April of 2020, but as of the October 2020 report, it has continued to rebound.
With a global supply chain squeeze and pre-recession inflation, prices of materials have skyrocketed across the board at various times. While many have come down from their peak prices, the overall numbers have largely ended up at a net increase from January to November of 2022, with the exception of lumber prices.
29% of contractors in 2022 say it takes between 30-40 days to receive payment after invoicing and 21% say it takes between 41-60 days.
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Mechanics liens: In a 2022 survey of 519 contractors, 51% of contractors stated they’ve tried filing a mechanics lien to get paid.
Statista, Value added by the construction industry as a share of gross domestic product in the U.S. from 2007 to 2019, April 2020
Bureau of Labor Statistics, Fatal occupational injuries by event or exposure for all fatal injuries and major private industry sector, all United States, 2020
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Christopher knows a thing or two about construction projects, having worked in the lumber and hardware industry for eight years. He has authored articles for a variety of publications, including The Boston Globe.We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept all”, you consent to the use of ALL the cookies. For more information, please visit our Privacy Policy and DPA. Do not sell my personal information.Cookie settings Accept all
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