Construction Project Management Statistics 2024

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

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Top Construction Project Management Statistics 2023

Top Construction Project Management Statistics 2023

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Construction Project Management “Latest” Statistics

According to Ibis World, the market size, measured by revenue, of the Construction Project Management Services industry is $239.6 billion in 2023.^[1]
According to AGC, 23% of businesses claim to be using lean construction methods, equipment, and off site prefabrication to boost worksite performance.^[2]
Lack of information on site, according to 28% of UK construction businesses, is the largest problem affecting their efficiency.^[2]
Lack of employees to support the technology is cited by 35.2% of construction organizations as the main barrier to implementing new technologies, according to JB Knowledge.^[2]
According to KPMG, 37% of construction enterprises claim that COVID-19 caused their businesses to miss their budget and/or planned performance goals.^[2]
Good low turnover rates are reported by 56% of high trust construction businesses, saving them up to $750,000 yearly.^[2]
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.^[2]
13.6% compound annual growth (CAGR) in the construction robot market is predicted between 2021-2026, according to Mordor Intelligence.^[2]

Construction Project Management “Project” Statistics

According to Pricewaterhouse Coopers, 44% of project managers use no software, even though PWC found that the use of commercially available PM software increases performance and satisfaction.^[3]
High-performing organizations successfully complete 89% of their projects, while low performers complete only 36%, according to PMI.^[3]
According to the National Association of Home Builders found that 10.6% of the cost of a typical home construction project are things that can’t be categorized and get stashed in the broad “other” category.^[4]
44% of businesses said that a lack of manpower contributed to the extension of the completion date for ongoing projects.^[2]
33% of project owners and 50% of EC companies want to continue construction while making large investments in technology that will improve the delivery of capital projects.^[2]
53% of big general contractors use software to handle safety and/or inspections.^[2]
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.^[2]
Poor contractor performance, according to 69% of owners, is the main cause of project underperformance.^[2]
The expected amount of rework, which has a detrimental effect on a project timeline, ranges between 2% and 20% of overall expenses.^[2]
Only 18% of businesses claimed to regularly access project data and communicate using mobile applications.^[2]
According to KPMG (2020), 40% of an organization’s project and program governance efforts to be very successful.^[5]
47% of project managers think their organizations have a history of successful projects.^[5]
The complexity of programs and projects has reportedly risen over the previous ten years, according to 67% of project managers.^[5]
According to 71% of project professionals, PMOs perceived value will rise from 55% in 2019.^[5]
75% of project professionals anticipate a rise in the use of team collaboration tools.^[5]
According to the US Bureau of Labor Statistics, an estimated 1,279,390 project management specialists and business operations specialists are employed in the United States.^[5]
Organizations that undervalue project management as a crucial component for driving change see failure in around 67% of their initiatives.^[5]
According to Hive, 44% of managers disagree with the usage of software in project management.^[5]
According to 48% of Australian businesses, project benefit tracking discrepancies are always or often reported.^[5]
A culture that appreciates project management is prioritized by just 46% of firms, according to PMI.^[5]
42% of the time, businesses with underdeveloped project management technologies lose money on unsuccessful initiatives.^[5]
67% of projects are completed by companies with high value delivery maturity and under budget.^[5]
The proportion of project professionals that consider ineffective resource management to be a serious issue in project management rose by 60%, according to Wellington.^[5]
Only 35% of project managers polled in 2020 expressed some level of satisfaction with the current systems.^[6]
Only 43% of businesses claimed to always or mostly finish projects within the allotted budget.^[6]
A study by PricewaterhouseCoopers, which reviewed 10,640 projects from 200 companies in 30 countries and across various industries, found that only 2.5% of these companies successfully completed 100% of their projects.^[7]
According to a Capterra study, just one project management system has been utilized by 56% of firms.^[7]
40% of underperforming businesses recognize the importance of project management.^[7]
Only 42% of firms, according to PMI study, say that their projects and organizational strategy are well aligned.^[7]
40% of project managers say that micromanaging employee accountability and responding to emails takes up the majority of their time.^[8]
41% of companies with a high incidence of project failure attribute it to senior management’s lack of participation.^[8]
Project managers and project sponsors are not providing adequate assistance, according to 41% of the firms reporting poor project performance.^[8]
Only 41% of businesses without project management tools finished projects on schedule compared to 61% of those who did.^[8]
According to one survey, 42% of organizations feel it may be a useful project management adviser, but just 3% think it can completely replace PMs.^[9]
According to data on project management, 50% of businesses claim that they often fall short of the project’s targeted objectives.^[9]
Sixty six of businesses that use project management software products complete their projects under budget.^[9]
Between 2020 and 2025, the market for project management software is anticipated to expand at a CAGR of 10.67%.^[9]
According to Capterra’s study, 66% of participants utilized project management software to interact with customers.^[10]
A Geneca poll found that 78% of participants would prefer business stakeholders to be more responsive and involved in the project.^[10]
According to a PWC research of more than 10,640 initiatives, just a very small percentage of companies—25%—completed 10% of their projects effectively.^[10]
According to a PWC survey, a staggering 97% of firms feel that project management is essential to company performance and organizational success.^[10]
23% of respondents claim that project managers and stakeholders agree when a project is completed.^[10]
The proportion of businesses utilizing spreadsheets to manage their agile projects decreased from 74% to 67% between 2017 and 2018.^[10]
According to Capterra, 64% and 67% of projects with well developed pm procedures are completed on schedule and under budget.^[10]
49% more businesses reported inconsistent approaches and 71% more firms in 2018 cited a lack of resources as their main project management difficulty.^[10]
Only 48% of firms have spent money on recognized project management training, despite low maturity levels.^[10]
Nearly 70% of projects in 2018 were finished in line with their initial objectives or business plans, and nearly 60% were.^[10]
62% of successfully completed projects in PMI’s 2017 study had sponsors who were actively helpful.^[10]
Only 41% of businesses that have an enterprise-wide project management office say that it is closely correlated with their business strategy.^[10]
Only 42% of respondents to Wellingtone’s poll said that a professional project manager has this position in their company.^[10]
Only 55% of team leaders and project managers who are participating in projects believe that the initiatives’ business goals are apparent to them.^[10]
76% of customers indicate they are happy with their choice to use project management software, either extremely satisfied or satisfied.^[10]
68% in the PMI’s annual survey, more than 23% of firms claimed to have engaged contract or outsourced project managers in 2018.^[10]
83% of high performing firms, including “Champions”, according to PMI, continuously invest in project management training.^[10]
Only 40% of IBM initiatives, to give you a sense of the appalling success rate of most projects, achieve the three main objectives of the corporation.^[10]
Wrike statistics show that 59.5% of accidents involving construction in 2017 may have been avoided with careful consideration of safety throughout the project design stage.^[11]
According to data on project management, 77% of project teams disagree on when a project is truly finished.^[11]

Construction Project Management “Task” Statistics

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.^[2]
45% of construction professionals claim to have wasted more time than anticipated on unproductive tasks.^[2]
According to Wellington (2020), 25% of organizations do not leverage technology suitable for team collaborations on informal projects despite this consuming 20% of their productive times at work.^[5]
Unmet or unclear task dependencies are the cause of 12% of project failures, and over 62% of highperforming firms employ real time document editing and file version control tools.^[8]

Construction Project Management “Plan” Statistics

A digital transformation plan that includes AI has already been created by 56% of firms, according to IPMA (2020).^[5]
According to PMI, in 2018, nearly 70% of projects met their original goals or business intent, while nearly 60% were completed within the original budget.^[10]
According to a recent research of construction planning efficiency and delivery times, project planners typically have a 58% accuracy rate when predicting delivery dates.^[11]
According to Concrete Construction, construction team members waste an average of 5.5 hours per week simply looking for revised drawings, material cut sheets, and project plan updates that should have been readily available.^[11]

Construction Project Management “See” Statistics

According to PMI (2020), organizations that undervalue project management as a crucial component for driving change see failure in around 67% of their initiatives.^[5]
More than 45% of the firms that have used project management systems have seen some, most, or all of the desired advantages.^[5]
54% of employees think that automating their most tedious chores might save them at least five hours.^[6]

Construction Project Management “Management” Statistics

Project management is crucial to company performance and organizational success, according to an incredible 97% of firms.^[3]
Eighty of project management executives are unaware of how their initiatives relate to the corporate strategy.^[3]
Poor schedule management is cited by 68% of trades as the main cause of the decline in worker productivity.^[2]
According to PMI (2019), 42% of the time, businesses with underdeveloped project management technologies lose money on unsuccessful initiatives.^[5]
Project management professionals with a PMP certification make 22% more money than those without one.^[5]
According to Mondayblog, 11.4% of all resources across all businesses are lost as a result of poor project management procedures.^[6]
47% of firms have gone above and above to provide a clear route for building PM careers, 61% of organizations offer some kind of project management training.^[6]
Despite statistical evidence that a mature project management process increases an organization’s likelihood of delivering on time and under budget, only 46% of firms prioritize project management as a cultural priority.^[6]
Gantt charts are the project management tool that 45% of the team members say they use the most, and 55% of the team members claim that the project goals are unclear.^[8]
According to the Pulse of the Profession study from the Project Management Institute, businesses with a clear project management structure in place have 38% more successful projects that met their original goals than those that did not.^[8]

Construction Project Management “Statistic” Statistics

According to PMI statistics, 77% of high performing businesses appreciate the importance of project management.^[7]
Only 23% of organizations utilize standardized methods across the board, according to project management statistics.^[9]
Despite the most recent project management statistics from Gartner, not all 85% of organizations have completely embraced product-centric approach.^[9]
According to TeamGantt, 77% of high-performing companies understand the value of project management and 40% of low-performing companies understand the value of project management.^[12]

Construction Project Management “Other” Statistics

The U.S. Census Bureau estimates that the total value of construction put in place in the month of January 2017 (seasonally adjusted) was $1.18 trillion.^[4]
Time restrictions, according to 53% of contractors in the US, are the biggest threat to decision.^[2]
74% of the multitool contractors said that they ultimately depend on one main toll to keep track of important procedures.^[2]
92% of contractors said that they are very or very worried about the skill levels of their employees.^[2]
Only 36% of businesses have adopted a procedure for detecting flawed data and fixing it.^[2]
According to KPMG (2020), 84% of CEOs have accelerated the development of a next-generation operating model and the digitization of operations.^[5]
About 51% of businesses complete initiatives that satisfy the primary purpose or business objective.^[5]
Microsoft project online was being used by 59% of enterprises in 2020, up from 57% in 2019.^[5]
63% of respondents agree or strongly agree that the impact of AI on business will be greater than that of the internet’s invention.^[6]
70% of respondents stated they spent a lot of time keeping track of deadlines and milestones, and 88% said that their work regularly entailed reprioritizing and updating their assignments.^[6]
71% of PMs questioned think their role’s perceived worth is rising, up from 55% in 2019.^[6]
According to Geneca study, 75% of respondents acknowledge that their initiatives are usually or always doomed from the beginning, with 27% saying they always feel this way.^[7]
85% of organizations are adopting or have already implemented a product-centric strategy, according to Gartner.^[9]
Only 19% of respondents to PMI’s 2018 study said that this skill need has not changed, while 51% claimed that soft skills are now more essential.^[10]
Compared to 13% of underperformers, 81% of these firms place a high priority on technical skill development, 79% emphasize improving leadership qualities, and 70% put an emphasis on doing so.^[10]
High-performing firms are far more likely than low performing ones to have a training program (85% vs. 38%, respectively).^[10]
According to Mckinsey, 17% of IT initiatives may go horribly wrong and endanger the company’s very survival.^[10]

How Useful is Construction Project Management

Construction project management involves the planning, coordination, and control of a project from inception to completion. This includes defining project objectives, creating detailed plans, managing resources, monitoring progress, and addressing any issues that arise. A construction project manager is responsible for overseeing every aspect of a project, from concept development to final delivery.

One of the key benefits of construction project management is its ability to streamline the construction process. By carefully planning and organizing tasks, project managers can identify potential risks and develop strategies to mitigate them. This proactive approach helps prevent delays, cost overruns, and quality issues that can derail a project. In essence, construction project management serves as a roadmap for success, providing a clear path for a project’s progression.

Additionally, construction project management helps maximize the efficiency of resources. Project managers are tasked with allocating resources effectively, ensuring that labor, materials, and equipment are utilized in the most efficient manner. This not only reduces waste and inefficiencies but also helps minimize costs and enhance productivity. By optimizing resource utilization, project managers can achieve more with less, delivering projects faster and at a lower cost.

Moreover, construction project management enhances communication and collaboration among project stakeholders. Project managers serve as the focal point for all project communications, ensuring that everyone is on the same page and working towards a common goal. This promotes collaboration among team members, suppliers, contractors, and clients, fostering a cohesive and harmonious working environment. Effective communication helps resolve conflicts, clarify expectations, and ensure that all stakeholders are aligned on project objectives.

Another important aspect of construction project management is risk management. Construction projects are inherently risky, with a multitude of variables that can impact project outcomes. Project managers are responsible for identifying potential risks, assessing their impact, and developing strategies to mitigate them. By proactively managing risks, project managers can minimize the likelihood of unforeseen issues impacting a project’s timeline, budget, or quality.

Overall, the usefulness of construction project management cannot be overstated. It plays a critical role in ensuring the success of construction projects by providing structure, organization, and oversight. Without effective project management, construction projects are prone to delays, cost overruns, quality issues, and communication breakdowns.

In today’s competitive construction industry, project management has become a necessity rather than a luxury. By embracing the principles of construction project management, project stakeholders can achieve their project goals efficiently and effectively. The value of construction project management is evident in every successful project completion, where skilled project managers navigate the complexities of construction to deliver exceptional results.

Reference

ibisworld – https://www.ibisworld.com/industry-statistics/market-size/construction-project-management-services-united-states/
autodesk – https://constructionblog.autodesk.com/construction-industry-statistics/
capterra – https://blog.capterra.com/surprising-project-management-statistics/
capterra – https://blog.capterra.com/the-5-most-important-construction-statistics-for-construction-managers/
financesonline – https://financesonline.com/35-essential-project-management-statistics-analysis-of-trends-data-and-market-share/
monday – https://monday.com/blog/project-management/project-management-statistics/
planyard – https://planyard.com/blog/9-staggering-project-management-statistics
saaslist – https://saaslist.com/blog/project-management-statistics/
thecircularboard – https://thecircularboard.com/project-management-statistics/
workamajig – https://www.workamajig.com/blog/project-management-statistics
wrike – https://www.wrike.com/blog/how-to-effectively-run-construction-management-projects/
teamgantt – https://www.teamgantt.com/blog/seven-shocking-project-management-statistics-and-lessons-we-should-learn