Value added of construction industry as a percentage of U.S. GDP 2007-2018

In 2018, the value added of the construction industry contributed 4.1 percent the gross domestic product in the United States. Value added is based on the enhancement an industry gives its products or services before offering them to their customers. It occurs when a product that could be considered homogeneous is given a feature that presents it with greater value. The construction market in the United States is one of the largest in the world, with private spending reaching 992 billion U.S. dollars in 2018 and with about 10.69 million people employed in the industry. It is expected that new construction put in place will total 1,526 billion U.S. dollars by 2022.

Construction industry challenges

To maintain its competitive standing, the construction industry must overcome various barriers, including those within the industry and external complications like the state of the U.S. economy. Currently, a shortage in skilled labor has slowed the speed of on-site projects and making it even more difficult for encouraging new talent to begin. The construction industry is also notoriously sluggish in their integration of new advancements and technology, such as project management software, drones, and building information modeling.

Value added of the construction industry as a share of gross domestic product in the U.S. from 2007 to 2018

Value added as a percentage of GDP
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Source

Release date

2019

Region

United States

Survey time period

2007 to 2018

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Statistics on "Construction in the United States"

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