The construction industry comprises establishments primarily engaged in the construction of buildings or engineering projects (e.g., highways and utility systems). Businesses primarily engaged in the preparation of sites for new construction and businesses primarily engaged in subdividing land for sale as building sites also are part of the construction industry.

Construction work done may include new work, additions, alterations, or maintenance and repairs. Activities of these businesses generally are managed at a fixed place of business, but they usually perform construction activities at multiple project sites. Production responsibilities for establishments in this industry are usually specified in contracts with the owners of construction projects (prime contracts) or contracts with other construction establishments (subcontracts).

According to GlobalData, the United States construction market size was valued at $2 trillion in 2021 and is projected to achieve an AAGR of more than 3% during 2023-2026. The construction industry is a major contributor to the U.S. economy. The industry has more than 745,000 employers with over 7.6 million employees. Construction is one of the largest customers for manufacturing, mining and a variety of services.

Key segments of the construction industry include residential construction, commercial construction, industrial construction, infrastructure construction, energy and utilities construction, and institutional construction.

Construction is a high hazard industry that comprises a wide range of activities involving construction, alteration, and/or repair. Construction workers engage in many activities that may expose them to serious hazards, such as falling from rooftops, unguarded machinery, being struck by heavy construction equipment, electrocutions, silica dust, and asbestos (Source: OSHA).

U.S. Bureau of Labor Statistics - Construction Industry (NAICS 23)

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2022 got off to a strong start for the engineering and construction (E&C) industry but was met with several strong headwinds, including rising costs and labor shortages. How can businesses navigate continuing volatility to thrive in a competitive market? Deloitte's 2023 outlook explores five engineering and construction industry trends that can help companies differentiate themselves and capture growth in 2023.

Wells Fargo Construction Industry Forecast 2022

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