Short answers, pulled from the story.
Construction generates over 13 percent of global GDP. This figure accounts for more than 10 percent of the economic output of developed nations. In 2022 alone, global expenditure on the industry exceeded 11 trillion dollars.
The true revolution arrived in the 19th century with the introduction of steam-powered machinery. This was followed later by diesel and electric vehicles such as cranes, excavators, and bulldozers. Fast-track construction methods now account for an estimated 40 percent of all projects in the 21st century.
The industry is divided into building construction, infrastructure, and industrial construction. Building construction covers residential and non-residential structures like private homes and commercial complexes. Infrastructure encompasses public works including dams, bridges, highways, railways, and water systems. Industrial construction focuses on specialized facilities such as offshore energy platforms and manufacturing plants.
The sector employed just over 7.9 million people in the United States in May 2023. This workforce includes 3.7 million construction trades workers such as carpenters, electricians, and plumbers. Women comprise only 10.3 percent of the US workforce in 2019.
Falls from height accounted for more than a third of all fatalities in the United States in 2017. The industry remains the most hazardous occupation in the world with risks including electrocution and trench cave-ins. A 2022 study linked high levels of air pollution to significant increases in construction-related injuries.
A 2019 McKinsey report notes that the vast majority of large construction projects go over budget. These projects also take 20 percent longer than expected. Financial problems such as underbids and cash flow issues plague the industry.