This segment includes construction work (including maintenance and repairs) on office, retail, hotel, agricultural and entertainment buildings.
A number of factors affect the performance of the Construction industry.
According to First Research and IBISWorld, the construction industry has grown at a rate of approximately 3.4% over the past five years, to reach $1.5 trillion in revenue.
Revenue is generated by the approximately 660,000 construction businesses in the US.
Some examples of new technology used in the industry include geographical information systems (GIS), Building Information Modeling (BIM) and laser scanning, telematics, and drones.
Major construction companies in the US include Fluor, Bechtel, and The Turner Corporation.
The Construction industry is responsible for a wide variety of activities, from dam and highway construction to roofing and tile work.
The top revenue-generating segments include Commercial Building Construction segment.
Similarly, homeowner’s access to disposable income spurs demand for new housing or home improvement projects.
Technology – Companies that adopt newer technology have significant market advantage.