Industry Analysis

Projected Post-Covid Market Size, Growth Rate, Estimated Number of Employees, and the Number of Companies/Businesses: Construction

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Market Size and Market Growth Rate

  • The global construction industry was estimated to be valued between $9.50 trillion and $12.744 trillion in 2019.
  • According to The Business Research Company, the global construction industry market size is expected to decline from $12.744 trillion in 2019 to $12.633 trillion in 2020 at a CAGR of -0.9%. This is due to the effects of safety measures introduced by governments in 2020 because of the COVID-19 pandemic.
  • The projected market size for the global construction industry in 2022 is between $9.77 trillion and $14.6 trillion (12.633 trillion X (7.5/100 +1) ^2).
  • According to a report published by Allied Market Research, the global construction market is estimated to grow at a “CAGR of 4.5% from 2020 to 2022.”
  • The Business Research Company estimates the global construction industry to grow by a CAGR of 7.5% from 2021 to 2023.
  • According to Globe Newswire, the US construction industry is estimated to contract by 6.5% in 2020 and 2.0% in 2021.

Number of employees

  • According to the US Bureau of Labor Statistics, the number of employees in the construction industry was 7.245 million in September 2020.
  • An exhaustive search through industry publications, market reports, media articles, regulatory websites, and statistical databases could not find employment projections that include impacts of the COVID-19 pandemic.
  • The US Bureau of Labor Statistics projects the US construction industry to reach 7.792 million jobs by 2029 at a CAGR of 0.4%.
  • Using the CAGR of 0.4% the number of employees in the US construction industry is anticipated to reach 7.3 million by 2022. The projected number was calculated using a reverse CAGR calculator. The starting value is 7.245 million (2020), and the number of periods is 2 (years).

Employment projection to 2029

Companies/Businesses

  • According to Statista, the number of construction companies in the United States was 739,144 in 2019. Statista projects the number of companies to be 589,415 in 2026.
  • To calculate the CAGR, we relied on this CAGR calculator. The starting value is 739,144 (2019), the ending value is 589,415 (2026), and the number of periods is 7 (years). Based on these figures, the calculator states that the CAGR would be around -3.18%.
  • Assuming that the number of construction companies in the United States will decline at the same CAGR of -3.18% between 2019 and 2022, the number of construction companies is anticipated to reach 670,848 by 2022. This projected number was calculated by using this reverse CAGR calculator. The starting value is 739,144 (2019), the CAGR is -3.18%, and the number of periods is 3 (years).
GLENN TREVOR
Glenn is the Lead Operations Research Analyst at Simple Manifestation with experience in research, statistical data analysis and interview techniques. A holder of degree in Economics. A true specialist in quantitative and qualitative research.

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