Every sector of the U.S. economy relies on the construction industry in some capacity. But just how big is the construction sector and how fast is it growing? This page provides an overview of key statistics and trends within the…
The U.S. is in the midst of a skilled worker shortage that is projected to worsen as an already aging construction workforce reaches retirement. To fill the demand, construction firms will need to recruit the next generation of skilled workers—and one way to attract more qualified workers is by increasing pay.
Nationally, full-time female workers earn $52,478 annually in the construction sector. However, pay varies widely by state, and regional differences in the cost of living affect how far a salary will go in a given location. These are the best-paying states for women in construction.
In recent years, financial commitment from the federal government to rebuild and expand critical American infrastructure has been a boon for the construction industry. While short- and long-term labor shortages persist at the national level, some parts of the country have seen substantial growth in construction hiring.
Today, home prices are about 40% higher than pre-pandemic levels—but with mortgage rates doubling, the monthly mortgage payment for a median-priced home has more than doubled since early 2020. These are the U.S. metros and states that are investing in more affordable housing.
To attract and retain workers, many employers are raising wages, providing a favorable outlook for carpenters—with some locations offering more lucrative prospects than others. Researchers calculated the median annual earnings for carpenters, adjusted for cost-of-living differences, then ranked metros and states accordingly.
High levels of inflation beginning in 2021 have, in many cases, more than offset the wage growth routinely touted as a positive of the COVID-era economy. And while wage growth is below-average nationally, construction workers in certain parts of the country have fared better. Researchers calculated the inflation-adjusted change in mean construction worker earnings from 2018 to 2023, then ranked locations accordingly.
The U.S. has not built a sufficient number of homes to meet demand. The lack of housing affects certain areas more severely than others. We ranked locations based on the percentage change in the average monthly housing inventory—the total number of active listings plus pending sales at the end of the month—between Q1 2023 and Q1 2024.
It is estimated that an additional 501,000 construction professionals will be needed in the industry this year, plus an additional 454,000 in 2025 on top of normal hiring. These are the most popular construction jobs in the U.S. right now.
High vacancy rates indicate an ample supply of rental properties, fostering competition among landlords and placing downward pressure on rent prices, which can lead to improved affordability for renters. These are the U.S. locations with the highest rental vacancy rates.
The median home purchase price for millennials in 2023 was $415,000—nearly 77% higher than the median home purchase price for Gen Z buyers, and second only to the Gen X median purchase price of $445,000. These are the U.S. locations where millennials are buying the most expensive homes.
Construction workers remain a crucial component of the American workforce, and contribute significantly to the country's economic development. Using the latest data available, researchers at Construction Coverage identified the U.S. states and metros with the largest shares of employment in the construction industry.
While conditions are challenging overall for new buyers, some parts of the U.S. are more favorable than others. To determine the best places to find a starter home, researchers calculated a composite score based on the percentage of homes with three or fewer bedrooms, the monthly starter-size home mortgage payment as a percentage of median renter income, median sale price of homes with three or fewer bedrooms, supply of homes, and the homeownership rate for under-35 householders. Metros and states were then ranked accordingly.
Although there was a modest rebound in single-family construction post-2015, which gained momentum during the pandemic, this surge has since subsided. In 2023, only 61.8% of new construction was allocated to single-family units. This ongoing underinvestment has led to an estimated shortfall of approximately 6.5 million single-family homes—a primary contributor to elevated housing prices. Researchers calculated the percentage of housing units that are single-family and ranked locations accordingly.
Advances in geological understanding and technology like horizontal drilling and fracking have transformed the U.S.'s oil business. Imports have fallen sharply, while production and exports have grown. In fact, the U.S. became a net exporter of oil for the first time ever in 2020, and average oil production in 2023 was nearly 22 million barrels per day. These are the U.S.'s biggest oil states.