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Industry characteristics

 

According to the statistics, tracked by Census Bureau, in 2014, the United States had approximately $960 billion in revenue per year in the field of the soft-story retrofit Industry. $680 Billion of the annual revenue is private, which is split evenly between residential and non-residential and the rest is government. There were near 667.000 firms, in 2005, that were employing a million contractors, among which there were 200.000 general contractors, 432.000 specialties and 38.000 heavy. The industry employed an estimated 5.8 million with a 13.2% unemployment rate in April 2013.
Over 828.000 women were employed in the construction industry in the United States, according to 2011 statistics. In their skilled occupations were included carpenters, plumbers, electricians, ironworkers, as well as masons, and many other manual crafts. All those occupations were involved in project management. 
Although, in the United Kingdom, these require more education qualifications, especially in vocational subject areas. These qualifications may be obtained directly after the completion of compulsory education, and also through different job apprenticeship training. 

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Growth In Global Construction

The construction industry, as a whole, has been struggling to gain global growth momentum, also reflecting weakness in the global economy. However, prospects for this year (2020) are positive, according to leading analytics and data company - In 2019, in the global construction industry, the pace of expansion was the slowest in the past ten years (2.6%). The slowdown in construction output growth has been separately the same in the economies of the United States, Australia, and the United Kingdom. However this year, in 2020, the global construction output growth is promising enough to edge up to 3.1%. Increases in the growth of construction will be driven, in part, by a projected improvement in the financial market.

Regardless of the positive outlook, geopolitical risks are intensifying and could potentially undermine investor confidence and disrupt capital flows in the early parts of the forecast period. 

Technical and specialized occupations

Technical and specialized occupations require more training and skills as greater technical knowledge are required, also these professions are holding more legal responsibilities. A shortlist of the main careers with an outline of the educational requirements are given below:
In 2010 a salary survey revealed the differences in remuneration between different roles, sectors, and locations on the construction industry, for example, the Middle East that was yield higher average salaries than in the United Kingdom. 
In the construction industry, the average earning for each professional, across all sectors, levels of experience and job types, is £42.090, and in the United Kingdom, the average earning for each professional is £26.719.
This tend is not really because more abundant roles are available, although with 14 or more years of experience architect, that are working in the Middle East earn on average £43.389 annually. Compared to £ 40.000 in the UK. Some construction workers in the United States or Canada have made over 100.000 dollars annually, depending on their trade.

Key Highlights

  • In North America’s construction industry the pace of growth is expected to ease over the forecast period (2019-2023) primarily reflecting increasing trade tensions and slower global economic growth. There will be a recovery in the pace of growth from 2021, for the current investments in infrastructure development providing support for the construction industry of the region. In Latin America, the construction activity will continue to recover in 2019, with growth expected to pick up to 1.2% and in 2020-2023 the averaging 3.0%. Still, the growth in the construction industry of the region will continue to be subject to downside risks. The construction output of Argentina is in decline, and the recoveries in Mexico and Brazil will remain weak. 
  • The Asia-Pacific region will continue to account for the largest share of the global construction industry, which is given that it includes the large markets of Japan, China, as well as, India. The pace of growth over the forecast period will average 4.4%, which is down from 5.1% in the past five years. Although in 2019 there will be an expedition in growth in China, the general trend is one of decreasing growth given the need for the government of China to try to curb excessive investment and avoid a disorderly debt crisis. Besides, reflecting the past years of overinvestment in residential construction and the resulting excess of new residential properties, building construction output growth will also decelerate.
  • There will also be a weakness in South Korea, which is experiencing a sharp contraction in construction works. In India, positive developments in economic conditions, improvement in investor investments and confidence in transport infrastructure, housing, and energy projects have helped the construction industry regain growth momentum. South-East Asia's emerging markets will invest heavily in new infrastructure projects, which are supported by private investment. Construction output in Australia has been actively owing to major shifts in the gas and oil sector, but excluding gas and oil, the construction industry will be supported by solid growth in infrastructure and non-residential buildings.

Construction activity

In 2018, construction activity growth slowed across Western Europe, and output will expand by 2.2% a year on average during 2019-2023, which is a marginal slowdown compared to the pace recorded in 2014-2018, of 2.5%. The expansion in the UK is subject to major downside risks in the face of uncertainty relating to the outcome of its exit from the EU. In Germany however ongoing efforts by the government to upgrade the country’s transport infrastructure on the back of the growing population and growth in the construction, tourism, and retail sectors are required to add momentum to industry growth, Fiscal policy within the EU will remain accommodating for much of the forecast period, given subdued inflationary pressures and moderate levels of economic growth.

Construction activity across Eastern Europe expanded at a rapid pace in 2018, primarily reflecting a recovery in some markets, as EU funding was restarted after a hold-up in 2016. There will be a return to more normal rates of growth from 2019. Notwithstanding, instability in the economy of Russia, construction is stated to have grown sharply in 2018, and investment in rail and road projects in addition to a recovery in the gas and old sector will support a recovery in the construction output of Russia.

Growth in the Middle East and Africa

Growth in the regions of the Middle East and Africa, as a whole, will increase considerably in the forecast period, equating 5.5% a year, yet during 2014-2018 it was 2.2%. Countries in the Gulf Cooperation Council have suffered from weakness in oil prices in recent years, as government revenues have been greatly reduced. Considering that oil prices are staying relatively high, large-scale investment in infrastructure projects - mostly related to transport - will be a key driving force behind the growth in the regions. The pace of growth in sub-Saharan Africa will be particularly strong, averaging 6.1% a year in 2019-2023. There will be a steady acceleration in construction activity in Nigeria, supported by government efforts to revitalize the economy by focusing on developing the country’s infrastructure. Ethiopia is going to be the star performer of Africa, with its construction industry continuing to improve in line with the country’s economic development.