Construction

The market size of the U.S. construction industry (which includes the residential, non-residential, and non-building segments) is expected to grow from $2 trillion in 2023 to more than $2.2 trillion in 2027, according to Statista.com. The data analytics firm also reports that the construction industry accounted for 4.4 percent of the U.S. annual gross national product in 2023, up from 3.4 percent in 2011 and 2012 (a statistic that was recorded during a serious economic downturn).

In addition to the rapid growth anticipated in nonresidential construction, overall expansion in the industry will be driven by commercial construction. Another factor driving the demand for workers is the need for the country to make major repairs to its infrastructure—highways, tunnels, schools, bridges, dams, power plants, water and sewer systems, subways, and airports. Every four years, the American Society of Civil Engineers issues a Report Card for America’s Infrastructure. The Report Card assigns letter grades based on the physical condition and necessary investments for improvement for overall infrastructure and individual areas such as wastewater, aviation, transit, bridges, and dams. The 2021 Infrastructure Report Card gave a national grade of "C-" for infrastructure, which suggests that there is a strong need for all kinds of infrastructure-related construction workers to help upgrade America's infrastructure. The $1.2 trillion Infrastructure Investment and Jobs Act—which was signed into law on November 15, 2021—has provided funding for massive infrastructure improvements and also fueled job growth.

In addition to the increased numbers of projects, construction projects themselves will grow in both size and complexity. New laws setting higher standards for building and construction materials, worker safety, energy efficiency, and pollution control will need to be addressed by skilled professionals with expertise in construction science, engineering, and management.

All these factors point to an overall positive market for workers in the construction services. Although further technological improvements in construction methods, equipment, and technology (especially advanced AI) are expected to raise the productivity of workers, the volume of activity will require substantial numbers of craftworkers in the various building trades, including as replacements for those who retired or left the industry during the recession. However, the construction industry is very sensitive to fluctuations in the national economy.

Despite continuing growth, the construction industry also faces a number of significant challenges. Some of the major challenges include a shortage of skilled construction workers, supply chain delays, excessive regulatory burdens, and rising material and labor costs.

The U.S. Department of Labor (DOL) predicts that employment in the construction and extraction sectors will grow faster than the average for all occupations from 2023 to 2033, resulting in 663,500 new job openings each year. The following paragraphs spotlight some of the fastest-growing careers from 2023 through 2033, according to the DOL.

Job growth of 11 percent (much faster than the average for all careers) is expected for electricians. Very strong growth is expected for electricians who work in wind and solar power. "Alternative power generation, such as solar and wind, is a growing field that should require more electricians for installation," according to the DOL. "Electricians will continue to be needed to link these alternative systems to homes and power grids over the projections decade." The DOL predicts that employment for electricians who work in solar electric power generation will increase by 271.3 percent.

Employment of construction managers, who oversee projects and workers and ensure that laws are upheld and worksites are safe, is expected to grow by 9 percent through 2033 (much faster than the average). Managers with a bachelor's degree in construction science and work experience with a construction management services firm should have plenty of job openings.

Job opportunities for construction laborers and helpers will increase by 7 percent (faster than the average). A steady supply of helpers and laborers is needed to support the construction of homes, offices, factories, schools, and power plants. Laborers who can perform a wide range of tasks will have more job opportunities.

Employment for plumbers, pipefitters, and steamfitters is expected to increase by 6 percent (faster than the average). "Demand for plumbers will stem from new construction and from the need to maintain and repair plumbing systems in existing residences and other buildings," according to the DOL. "Employment of sprinklerfitters is expected to increase because of building codes in all states that require the use of fire suppression systems."

Other fast-growing occupations include elevator and escalator installers and repairers; flooring installers and tile and stone setters; and roofers. Job opportunities in these respective careers will increase 6 percent.

The employment outlook is less positive in a few construction occupations, including:

• boilermakers: -1 percent
• hazardous materials removal workers: -1 percent
• sheet metal workers: +2 percent (slower than average)

When it comes to salaries, construction workers receive higher than average earnings. The DOL reported that the median annual wage for construction and extraction professionals was $55,680 in May 2023. The median salary for all workers was $48,060.

Women continue to be vastly underrepresented in the construction industry. In 2023, the DOL reported that only 4.3 percent of construction and extraction workers were women despite comprising about 47 percent of the workforce. Women enjoyed higher representation in the following careers: construction managers (10.6 percent were women), construction and building inspectors (10.5 percent were women), painters and paperhangers (10.4 percent), and sheet metal workers (6.5 percent). Industry organizations—such as the National Association of Women in Construction—are working to encourage more women to enter the field.