5 Interesting Statistics About the Construction Industry’s Growth

5 Interesting Statistics About the Construction Industry’s Growth

The environment of the construction industry is always evolving. Technology keeps getting implemented in new ways every single year. In order to keep up with it, it is important to understand some core statistics from year end to year end.

Once you recognize a trend, it is fair to predict the coming years… and the construction industry is booming. We’ll take a look at some interesting facts about the construction industry and how the growth has been trending over the past couple of years.

Here at Just Do It Once (JDIO), we believe understanding the construction industry is just as important as our intuitive software.

The Growth of the Construction Industry

Industries vary in growth depending upon many factors, but all indicators point towards the industry growing even more as infrastructure, commercial construction, and general construction are trending more and more. Further, with the world population on the rise, residential construction has played a large role in the growth.

These five interesting statistics show the trend of growth occurring in the world:

  1. By the year 2024, the global construction industry is expected to reach $11,093.7 billion (PR NEWSWIRE)
  2. By 2030, the global construction industry could reach total spending of $17.5 trillion (PR NEWSWIRE)
  3. New Canadian construction project totals shows further growth by anticipating to reach ​​$338.8 billion USD in the year 2023 (STATISTA)
  4. In 2020, private sector construction spending in the U.S. reached $1.11 trillion (STATISTA)
  5. With an expected population of 7 billion people living in cities by 2050, the construction industry needs to build approximately 13,000 buildings worldwide every day until then. Quite a lot of catching up to do. (REDSHIFT)

How We Can Help

With over 30 years of experience in the construction industry, we have seen these trends firsthand. We know what areas of the construction industry can be better equipped. We’ve specialized our software to be the best efficiency enhancer possible:

Budget Overviews

This tool will allow you to know exactly where your current project financially stands at any given time. From a broad overview perspective, all the way down to the details of a check, keep track of financials with ease. It also overs an overall balance financial standing of every fund source, full cost/budget report, details of original budget and changes, and details of checks/disbursements

Work Order Requests

All details are included, from the description of the work to the location and parties to be contacted. All this can be done in real time so you know what is going on 24/7.

Request for Information

The Request for Information (RFI) is key to communicating issues during the construction process. JDIO’s Request for Information features lets everyone get to and stay on the same page. From real time collaborations to approval process flows, JDIO can make this process fun and easy.

Take Advantage of the Trends

The construction industry is booming, don’t get left in the dust. Keep up with them by utilizing advanced construction software that will save you time and money in the field. Call 888-585-9850 today to speak to a construction software specialist and discover all the benefits our services will provide. You can also request to try a free demo of our product.