16 | February 2022
SUBCONTRACTORS USA
Looking at Industry Ch
THE STATE O By Subcontractors USA News Provider
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or solid and consistent business success in a competitive construction market, it’s vital that you remain aware of statistics and data. These recent findings highlight the state of construction around Texas and our nation, which will prove valuable in your decisionmaking when it comes to partnerships, certifications, and expansion efforts. Whether you are a general contractor or subcontractor, you need to know the current statistics for this industry.
Monthlyconstruction constructionspending: spending: Monthly Total Construction Construction spending during January 2022 was estimated at a seasonally adjusted annual rate of $1,677.2 billion, 1.3 percent (±0.8 percent) above the revised December estimate of $1,655.8 billion. The January figure is 8.2 percent (±1.2 percent) above the January 2021 estimate of $1,549.8 billion.
Whether you are a general contractor or subcontractor, you need to know the current statistics for this industry. These recent findings highlight the state of construction around Texas and our nation. You must know the industry for a strong business foundation to remain competitive in this market, and a major component of that is being aware of recent data. Hopefully, these statistics shared will help you prepare, for not only the current state of construction but the future as well.” —Keith “MR. D-MARS” Davis, Sr.
Private Construction Spending on private const r uc t ion was at a seasonally adjusted annual rate of $1,326.5 billion, 1.5 percent (±0.5 percent) above the revised December estimate of $1,307.1 billion. Residential construction was at a seasonally adjusted annual rate of $829.4 billion in January, 1.3 percent (±1.3 percent)* above the revised December estimate of $819.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $497.2 billion in January, 1.8 percent (±0.5 percent) above the revised December estimate of $488.2 billion. Public Construction In January, the estimated seasonally adjusted annual rate of public construction spending was $350.7 billion, 0.6 percent (±1.5 percent)* above the revised December estimate of $348.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.9 billion, virtually unchanged from (±1.8 percent)* the revised December estimate of $81.0 billion. Highway construction was at a seasonally adjusted annual rate of $105.3 billion, 0.1 percent (±4.1 percent)* below the revised December estimate of $105.5 billion. The February 2022 Monthly Construction Spending Report is scheduled for release on April 1, 2022. View the full schedule in the Economic Briefing Room at www.census.gov/economic-indicators. The full text and tables for this release can be found at www.census.gov/constructionspending. Source: The U.S. Census Bureau, March 2022
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Focusing on our nation, specifically Texas, let’s look at some of the economic impacts of construction: • In Texas, construction contributed $100.9 billion (5.3%) of the state’s GDP of $1.9 trillion. There were 706,000 construction firms in the U.S. in 2017, including 43,859 in Texas. • Private nonresidential spending in Texas totaled $45.4 billion in 2019. State and local spending totaled $36.5 billion. • Construction jobs pay well. In Texas, 4 out of the 5 most numerous construction occupations had higher median pay than the median for all employees in the state in 2019. Source: Ken Simonson, Chief Economist, AGC of America, ken. simonson@agc.org, from Bureau of Economic Analysis (GDP); Census Bureau (spending); Bureau of Labor Statistics (national and state employment, median wages); AGC (workforce survey).
