The construction industry including design, new and renovation construction, manufacturing and supply of building materials and equipment is one of the largest economic sectors in the US. Historically the industry accounts roughly for 4.3% of GDP and employs some 7.5 million people as of 2021. Annually U.S. new construction volume has exceeded $1.5 trillion in the recent years. Because construction is an exciting, dynamic process which often provides high income opportunities for developers and contractors, it is an appealing career path. The lucrative aspect of the industry renders it very competitive with high rates of bankruptcies and litigations. However, the seasonal and fickle nature of construction work often serves to significantly reduce the annual incomes of many participants of the industry.
It is widely recognized that construction as a discipline is a convergence of art, science, business and physical craft. While understanding the technical aspects of construction is essential, it is also important that contractors have the knowledge of the business management facet of the profession. Meticulous observation and management of the construction site is extremely valuable in obtaining an understanding of the physical process and determining the outcome of the project. A successful project should meet the expectations for design, functionality, and quality – in addition the finished product should be delivered on time and under budget.
While construction has traditionally been a very conservative industry, the increase rate of technology utilization and growing international competition in the industry are serving to accelerate the development of new construction methods, equipment, building materials and management techniques. New governmental requirements and regulations leaning towards affordable and sustainable construction have been a huge impetus for the development of new price conscious techniques and environmentally friendlier materials for energy conservation. As the result, coming years will see the increased need for innovative and competent construction professionals.