Construction Accounting Statistics


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

LLCBuddy editorial team did hours of research, collected all important statistics on Construction Accounting, 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 Accounting Statistics 2023

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Construction Accounting “Latest” Statistics

  • Instead of upon contract execution or completion, construction accounting often recognizes revenue during the course of a contract depending on how much of the project is finished, 25% completion implies one-quarter of the contract value is recognized.[1]
  • 34% of fatalities in construction are caused by falls; eliminating falls in construction would result in an annual death reduction of over 300.[2]
  • Fatal construction accidents cost $5 billion in medical expenses each year; diminish family members’ quality of life because of lost money and decreased productivity.[2]
  • Just 6% of U.S. employees are employed in the construction industry, despite the industry accounting for over 20% of worker fatalities in the country.[2]
  • The average cost of accidents to construction organizations is 3.6% of their budgets, while only 2.6% goes toward safety training.[2]
  • Over 60% of construction accidents happen during the first year of employment, underlining the need for proactive, top.[2]
  • Over 60% of all fatalities associated with construction are caused by the fatal four primary causes of falls, equipment stuck in between objects, electrocutions, and fires.[2]
  • In the private construction sector, there were 25,460 occurrences of slips, trips, and falls in 2019, accounting for 32.0% of nonfatal injuries resulting in days away from work.[3]
  • Falls, slips, and trips made up the most fatal accidents in the construction sector, accounting for 37.9% of all deaths. 418 of 1,102.[3]
  • Construction employed 114 million us employees in 2018, an increase of 25% from 2011. Hispanic construction workers saw even greater employment growth, increasing by more than half, or 55%, during this time.[4]
  • In 2018, the buildings and construction industry handled 36% of total energy consumption and 39% of energy and process-related carbon dioxide emissions, 11% of which came from the production of building materials and goods such as steel, cement, and glass.[5]
  • From 2019 to 2020, construction expenditure rose by 4.8%; in 2020, there were $1.43 trillion dollars invested in a building.[6]
  • 4.5% of construction workers left their jobs, were fired, or were laid off.[6]
  • Only 31% of construction projects in a three-year survey were completed within 10% of their initial expenditures.[6]
  • Construction starts for single-family houses increased by 11.6% higher than those for multifamily dwellings between 2019 and 2020, while multifamily construction dropped by 3%.[6]
  • 7.4 million people are employed by the U.S. construction sector, which contributes 4.3% of the country’s GDP.[6]
  • Revenues in the construction sector have increased at a yearly pace of 2020, the construction sector has a 68% yearly turnover rate.[6]
  • The U.S. construction industry’s market size was estimated to be approximately, and its revenue increased from 2016 to 2021 at an annualized rate of 2.7%.[6]
  • The U.S. economy’s total rate of employment growth is 4%, and the construction sector’s job growth rate is equal to that.[6]
  • The construction sector employed around 6 million people or 4.2% of the 143 million employed nationwide.[6]
  • Residential construction is expected to account for around $483 billion of this total amount in 2024, while nonresidential construction will account for approximately $473 billion and nonbuilding construction will account for approximately $273 billion.[6]

Construction Accounting “Other” Statistics

  • 25% of employees worry about being hurt every day, and 55% of workers think they need more safety training.[2]
  • Construction had injury and sickness rates that were 24% higher than the average for all industries in 2020.[2]
  • The fatalities made for 20.7% of all occupational fatalities in the united states, which totaled 5,333.[3]
  • Though confidence was lower than typical in 2019, as opposed to 2017 and 2018, when 84% and 76%, respectively, of executives, said they anticipated industry growth over the next two years.[6]
  • Project managers provide for a 10% margin of error as a contingency since they know that not everything will go as planned.[6]
  • Fence installation jumped 144% during the same period, while homeowners hired landscapers at a rate of 238% more.[6]
  • The industry’s revenue has increased at an annualized pace of 27% and is only anticipated to increase in the coming years.[6]
  • The proportion of CEOs who projected industry growth increased from 54% in 2020 and 51% in 2019.[6]
  • This shift has a compound annual rate of change of 0.4%, which is comparable to the expected rate of growth for all U.S. occupations over the same period, which is a 0.4% rise.[6]

Also Read

How Useful is Construction Accounting

One of the primary benefits of construction accounting is its ability to track and monitor the financial health of a construction project. Through diligent record-keeping and analysis, construction accountants can provide project managers and stakeholders with vital information on the project’s financial status. This information can help identify potential issues, such as cost overruns or budget discrepancies, allowing for timely intervention and corrective action. Without accurate and up-to-date financial data, a construction project can quickly fall into disarray, leading to delays, disputes, and potentially even project failure.

In addition to monitoring financial health, construction accounting also aids in the optimization of resource allocation. By tracking expenses, income, and other financial data, construction accountants can provide insight into how resources are being utilized throughout a project. This information can help project managers make informed decisions regarding resource allocation, allowing for the efficient use of time, money, and materials. Through effective resource allocation, construction projects can operate more smoothly, stay within budget, and meet project deadlines.

Furthermore, construction accounting can also enhance transparency and accountability within a construction project. By accurately reporting and documenting financial transactions, construction accountants ensure that all parties involved in a project are held accountable for their actions and decisions. This level of transparency can help foster trust and collaboration among project stakeholders, ultimately leading to better project outcomes.

Moreover, construction accounting is essential for ensuring compliance with financial regulations and standards. The construction industry is highly regulated, with numerous laws and regulations governing financial reporting and transparency. Construction accountants are trained to navigate these regulations, ensuring that a construction project remains in compliance with all applicable laws. Failure to adhere to these regulations can result in legal repercussions, financial penalties, or even project shutdowns. Construction accounting helps to mitigate these risks by maintaining accurate financial records and reports that align with regulatory requirements.

While construction accounting may seem like a tedious and technical aspect of the construction industry, its benefits cannot be overstated. From monitoring financial health to optimizing resource allocation, enhancing transparency, and ensuring compliance, construction accounting is a critical component of successful construction projects. By recognizing the value of construction accounting and investing in qualified professionals to oversee financial matters, construction companies can greatly enhance their chances of project success.

Reference


  1. constructioncoverage – https://constructioncoverage.com/construction-accounting-software
  2. bigrentz – https://www.bigrentz.com/blog/construction-safety-statistics
  3. bls – https://www.bls.gov/opub/ted/2021/fatal-and-nonfatal-falls-slips-and-trips-in-the-construction-industry.htm
  4. cdc – https://www.cdc.gov/niosh/construction/statistics.html
  5. iea – https://www.iea.org/reports/global-status-report-for-buildings-and-construction-2019
  6. zippia – https://www.zippia.com/advice/us-construction-industry-statistics/

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