Construction Data Analytics Statistics


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Construction Data Analytics Statistics 2023: Facts about Construction Data Analytics outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Construction Data Analytics, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Construction Data Analytics Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 43 Construction Data Analytics Statistics on this page 🙂

Construction Data Analytics “Latest” Statistics

  • According to JB Knowledge, 21.4% of construction firms use 3 or more mobile apps for their projects.[1]
  • According to Dodge Data & Analytics, about 90% of firms using prefabrication report improved productivity, improved quality, and increased schedule certainty compare to traditional stick-built construction.[1]
  • 23% of businesses claim to be using lean construction methods, equipment, and off site prefabrication to boost worksite performance.[1]
  • Lack of information on site, according to 28% of UK construction businesses, is the largest problem affecting their efficiency.[1]
  • 35% of construction professionals spend more than 14 hours per week on nonproductive tasks including researching projects, resolving disputes, and dealing with errors and redoing work.[1]
  • According to JB Knowledge, lack of employees to support the technology is cited by 35.2% of construction organizations as the main barrier to implementing new technologies.[1]
  • 37% of construction enterprises claim that COVID-19 caused their businesses to miss their budget and/or planned performance goals.[1]
  • 45% of construction professionals claim to have wasted more time than anticipated on unproductive tasks.[1]
  • According to KPMG, 50% of E&C firms (and 33% of project owners) plan to continue building with significant investment in technologies designed to enhance their delivery of capital programs.[1]
  • Good low turnover rates are reported by 56% of high trust construction businesses, saving them up to $750,000 yearly.[1]
  • Using software to handle safety and/or inspections during construction is highly valued by 60% of general contractors and tradespeople as a way to improve the process.[1]
  • According to Mordor Intelligence, 13.6% compound annual growth (CAGR) in the construction robot market is predicted between 2021-2026.[1]
  • Design induced rework may account for up to 70% of all rework encountered in construction and engineering goods.[1]
  • In comparison to the overall non-farm employment, the construction industry has already gained back approximately 80% of the jobs lost between March and April.[2]
  • Major construction projects sometimes have timelines of five or ten years, if not more, making it challenging to precisely define the scope and anticipate possible complexity or issues in advance.[3]

Construction Data Analytics “Data” Statistics

  • Data from Robert Half show that the typical beginning income for data scientists is 95,000, which is almost double the median salary in the US.[4]
  • 41% of contractors said that data that is entered non standardly is inconsistent, incorrect, incomplete, and useless.[1]
  • Only 36% of businesses have adopted a procedure for detecting flawed data and fixing it.[1]
  • Only 18% of businesses claimed to regularly access project data and communicate using mobile applications.[1]
  • Project closeout might result in the loss of up to 30% of original data generated during the design and construction stages.[1]
  • Material waste and remedial work account for 35% of construction costs.[5]
  • Even without assistance, data center development starts since 2017 have reached around $30 billion and are anticipated to continue growing.[2]

Construction Data Analytics “Other” Statistics

  • According to FMI, 58% of owners said they’ve used or plan to use design-build, moving away from traditional design-bid-build.[1]
  • 44% of businesses said that a lack of manpower contributed to the extension of the completion date for ongoing projects.[1]
  • Instead of the usual design-bid-build approach, 58% of owners stated they had used or intend to employ design.[1]
  • 60% of general contractors believe that poor contract document quality and challenges with project team member coordination and communication are the main causes of lower labor productivity.[1]
  • Due to schedule slippage, 66% of general contractors are incurring additional expenditures from overtime and second shifts on at least 3/4 of their projects, with 50% of them requiring to extend the project’s finish date.[1]
  • Problems leaving the job were reported by 68% of general contractors on at least 25% of their projects.[1]
  • Poor schedule management is cited by 68% of trades as the main cause of the decline in worker productivity.[1]
  • Poor contractor performance, according to 69% of owners, is the main cause of project underperformance.[1]
  • 74% of the multitool contractors said that they ultimately depend on one main toll to keep track of important procedures.[1]
  • When both direct and indirect effects are taken into account, 9% of the entire project cost is closer to the real total cost of rework.[1]
  • 92% of contractors said that they are very or very worried about the skill levels of their employees.[1]
  • According to KPMG, 25% of projects came within 10% of their original deadlines in the past 3 years.[1]
  • The expected amount of rework, which has a detrimental effect on a project timeline, ranges between 2% and 20% of overall expenses.[1]
  • According to AGC, 46% of firms report a project was postponed in but was rescheduled, but 32% had projects postponed or canceled and has not been rescheduled.[1]
  • Construction logistics concerns have a 50% or greater influence on production.[1]
  • When asked whether their firms had fully integrated systems and technologies, just 16% of CEOs responded.[1]
  • 52% consider the needs of field staff a top consideration for investing in technology.[1]
  • Utility scale renewable energy projects, mostly wind and solar, have started about 60% of all new electric generating during the last ten years.[2]
  • Overpricing a project by including an excessive contingency cushion would certainly result in the loss of the contract, something a company in the sector with win rates of just 15 to 25% may find it difficult to afford.[3]
  • Underestimating a bid by 10% in a sector where margins are typically between 5% and 7% without the capacity to recoup the additional expenses might result in a costly loss for the EC company.[3]
  • Construction productivity has improved by only 1% annually over the previous two decades, compared to the global economy’s average annual growth of 2.8% and the manufacturing sector’s excellent annual growth of 3.6%.[3]

Also Read

How Useful is Construction Data Analytics

Construction data analytics refers to the process of collecting, organizing, and analyzing data to gain insights and make informed decisions. From tracking project timelines and budgets to identifying potential risks and trends, data analytics has become an essential tool for construction companies looking to stay competitive and deliver projects more effectively.

One of the key benefits of construction data analytics is its ability to increase project visibility and transparency. By collecting and analyzing data from various sources, project managers can better track progress, identify potential bottlenecks, and make informed decisions in real-time. This not only speeds up the construction process but also reduces the likelihood of costly delays and disputes.

In addition to improving project timelines, data analytics can also help construction companies optimize resource allocation. By analyzing data on equipment usage, materials procurement, and labor productivity, companies can identify opportunities to streamline operations, reduce waste, and maximize efficiency. This not only saves time and money but also enables construction companies to deliver higher quality projects to their clients.

Another major benefit of construction data analytics is its ability to enhance risk management. By analyzing historical data and current trends, companies can identify potential risks early on and develop strategies to mitigate them. This proactive approach can help prevent costly mistakes, minimize disruptions, and ensure that projects are completed in a timely and compliant manner.

Furthermore, data analytics can also improve decision-making by providing valuable insights into project performance. By measuring key performance indicators and tracking metrics over time, companies can identify areas for improvement, implement best practices, and make data-driven decisions that lead to better outcomes. This not only improves project outcomes but also helps construction companies build a reputation for reliability and excellence.

Overall, construction data analytics is a powerful tool that can transform the way construction projects are planned, executed, and delivered. By harnessing the power of data and analytics, construction companies can gain a competitive edge, drive efficiency, and maximize project success. As the construction industry continues to evolve, embracing data analytics will be crucial for companies looking to thrive in a rapidly changing landscape.

Reference

  1. autodesk – https://constructionblog.autodesk.com/construction-industry-statistics/
  2. construction – https://www.construction.com/
  3. mckinsey – https://www.mckinsey.com/business-functions/operations/our-insights/how-analytics-can-drive-smarter-engineering-and-construction-decisions
  4. edx – https://blog.edx.org/data-science-analytics-career-guide
  5. bigrentz – https://www.bigrentz.com/blog/big-data-in-construction

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