Construction is much more than the assembly of buildings and infrastructure. It is how we shape the world around us, but the process, technique, and scale have all changed drastically from the centuries before us. The construction industry both drives the economy and indicates its health. Here are some fun facts about both modern day and historical elements of the construction industry:
The construction industry in the US is worth 1.18 trillion dollars
This figure is up 3.1% from January 2016. The US census says that this number is 59% nonresidential and 41% residential.
The US construction industry employs roughly 7.9 million people
Between April 2006 and January 2011, the construction industry eliminated more than 40% of its workforce, cutting nearly 2.3 million jobs. Unfortunately, a significant portion of those workers haven’t returned. However, construction employment is expected to go up as firms replace jobs lost when the recession hit.
The Middle East will be the fastest growing construction market in the world in 2017
Markets like Qatar, UAE, Oman, and Egypt are projected to grow at around 6% this year, almost 2x more than the US market grew last year. The United Arab Emirates is poised to reclaim its title of largest projects market from Saudi Arabia due to financial constraints in the kingdom.
Honolulu will continue to expand
After an increase of 20% in employed construction workers in 2016, Honolulu will continue to employ laborers to start on the backlog of projects set to begin in the capitol of the USA’s 50th state.
Concrete is the most used material in construction
Dating all the way back to Ancient Egypt, concrete is the most used construction resource in terms of volume. Thomas Edison had 49 concrete patents and experimented with precast concrete houses filled with concrete furniture, pianos, and refrigerators. Some companies are even putting agents in concrete to make it smell good!
Factoring is one of the best ways for construction companies to increase cash flow
For construction firms, both large and small, starting new jobs and making payroll can be an issue when you haven’t yet received payment for your previous job. An easy fix, regardless of your credit history or bankruptcies, is factoring! An experienced and specialized company will buy your invoice and allow you to start new jobs or take care of previous debts weeks before you would initially have received payment.
I hope you enjoyed just a few of the countless interesting facts that the construction industry produces, and will continue to do so as long as civilized societies exist. None of these facts would exist without a way for construction firms to obtain capital, and if your cash reserves are low and a traditional bank loan isn’t in the cards, factoring may be for you.