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10 facts about the construction industry that you must know

Posted on Monday, May 30th, 2016 at 2:51 am    

If you’re in the construction industry, then we’ve jotted down important facts for you. Read on –

1. According to the U.S department of Labor (2000), every year over 440,000 people become apprentices in the construction industry. They receive training under 37,000 apprenticeship programs.

https://www.doleta.gov/programs/factsht/pdf/apprenticeship.pdf

2. A report published in 2007 by the California Employment Development Department showed that on a statewide basis, the construction industry in the state hires about 800,000 workers annually.

https://books.google.co.in/books?id=-Arr9VoWc7IC&pg=PA22&lpg=PA22&dq=construction+industry+employs+approximately+800,000+workers&source=bl&ots=Rpcug5UWVG&sig=CM0nmLZdTBpeoS4VMQF21IhdKnw&hl=en&sa=X&ved=0ahUKEwiTkMSJxvfMAhXmI6YKHQ9oDGYQ6AEIMTAF#v=onepage&q=construction%20industry%20employs%20approximately%20800%2C000%20workers&f=false

3. According to a report published by the Bureau of Labor Statistics in 2012, the construction industry employs almost 6.9 million people annually.

4. The United States with a market share of around 10 percent is the second largest construction market worldwide.

http://www.statista.com/topics/974/construction/

5. According to a study by the Associated Builders and Contractors (ABC) in 2015, the construction industry was estimated to make steady progress in 2016. It also predicted increases in non-residential construction spending by 7.4%.

https://www.abc.org/NewsMedia/ConstructionEconomics/ConstructionEconomicUpdate/tabid/270/categoryid/46/

6. It is forecasted that within the next several years, the construction industry in the US will create 58.4% of the total jobs in the country.

7. Do you know that the construction industry is the second largest employer in the USA? It is preceded by the US Government that recruits the most number of employees including the armed forces.

https://awsweldlink.org/businesses/page/construction-industry

8. According to census data prepared by the U.S. Small Business Administration, in 2004, almost 99,000 of the total 630,000 construction firms have opened since 2003. However, almost 77,000 firms went out of business during the same year.

http://rermag.com/headline-news-0/quick-facts-about-construction-industry

9. According to the Statistics of U.S Business Employment and Payroll, 2012 released by the U.S. Department of Commerce, in 2005, almost 91% of construction firms had less than 20 employees. Only 1% of the firms surveyed had an employee count of more than .

http://rermag.com/headline-news-0/quick-facts-about-construction-industry

10. According to the Bureau of Labor Statistics, in November 2007, the average income of an employees in the construction industry was $21.27 per hour. This was higher than the average income of non-supervisory employees in all private industry.

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