The U.S. construction industry is a major economic contributor, accounting for approximately 4.2% of GDP in 2022. The industry employs over 7.8 million people and generates over \$1.8 trillion in revenue annually.
The distribution of contract value within the industry is as follows:
* **Residential construction:** This sector accounts for approximately 40% of total construction spending. Single-family homes are the largest component of residential construction, followed by multifamily homes and renovations.
* **Non-residential construction:** This sector accounts for approximately 35% of total construction spending. The largest components of non-residential construction are commercial buildings, industrial buildings, and public works projects.
* **Engineering and construction services:** This sector accounts for approximately 25% of total construction spending. These services include engineering, design, and construction management.
The distribution of contract value within each of these sectors is also uneven. For example, in the residential construction sector, single-family homes account for approximately 70% of total contract value. In the non-residential construction sector, commercial buildings account for approximately 60% of total contract value.
The size and distribution of contract value within the U.S. construction industry is expected to change in the coming years. The residential construction sector is expected to grow at a slower pace than the non-residential construction sector. This is due to a number of factors, including the aging population and the increasing cost of land. The non-residential construction sector is expected to grow at a faster pace due to the need for new infrastructure and the growth of the e-commerce industry.
Overall, the U.S. construction industry is a large and important sector of the economy. The industry is expected to continue to grow in the coming years, although the pace of growth will vary by sector.
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