The construction industry continues to grow and employ a wide range of skilled production workers. As of 2010, for example, there were approximately 7.8 million Americans working within this industry, according to the National Association of Home Builders. In addition to building residential and commercial buildings, these production workers have also constructed industrial buildings and other types of structures.
Just five years later in 2015, the global construction market was estimated to be about $145.5 billion in United States currency. It’s interesting to note that just one year later in 2016, green building accounted for 26% to 33% of the residential sector’s overall market, as reported by Dodge Data and Analytics. The overall industry has definitely benefitted from this increase in green building, which contributed to the post-recession recovery. Furthermore, Dodge Data and Analytics’ report included predictions for single-family home construction, and that a 20% increase was expected.
While multi-family home building projects were also expected to increase, Dodge Data and Analytics reported that the actual growth amounted to seven percent. This is interesting to note because prior to this, these types of projects were in the double-digits for several years. Construction starts were on the substantial size, however, for 2016 as well. While Dodge Data and Analytics predicted a six percent growth in this sector, the value was estimated at $712 billion.
When construction companies invest in a project, they need various types of equipment to handle the demands associated with building residential, commercial, and industrial structures. They also require repair services when their existing equipment is not functioning optimally or has broken down. Given then demands of their jobs, construction companies may also require transportation services to supply new or used equipment sales.
The global construction equipment market value has been estimated at $145.5 billion. Since the machinery manufacturing industry tends to be concentrated with the top 50 companies, the combined revenue for these companies amounts to roughly 90% of the industry’s revenue. Given this, the United States holds the second largest global market position within the construction industry.