Construction Accounting Statistics 2024 – Everything You Need to Know

by

Are you looking to add Construction Accounting to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Construction Accounting statistics of 2024.

My team and I scanned the entire web and collected all the most useful Construction Accounting stats on this page. You don’t need to check any other resource on the web for any Construction Accounting statistics. All are here only šŸ™‚

How much of an impact will Construction Accounting have on your day-to-day? or the day-to-day of your business? Should you invest in Construction Accounting? We will answer all your Construction Accounting related questions here.

Please read the page carefully and don’t miss any word. šŸ™‚

Best Construction Accounting Statistics

ā˜° Use “CTRL+F” to quickly find statistics. There are total 142 Construction Accounting Statistics on this page šŸ™‚

Construction Accounting Benefits Statistics

  • 12% said they had to reduce employee benefits. [0]

Construction Accounting Market Statistics

  • 42% of small businesses fail because there’s no market need for their services or products. [0]
  • 14% failed because of poor marketing. [0]

Construction Accounting Software Statistics

  • However, 74% of contractors noted they were happy with the capabilities of modern commercial construction software. [1]
  • A whopping 79% of contractors surveyed are expected to switch to construction management software to securely track safety data. [1]

Construction Accounting Latest Statistics

  • About 20% of worker fatalities in private industry in calendar year 2019 were in construction ā€“ accounting for one in five worker deaths for the year. [2]
  • In 2019, 11.4 million U.S. workers were employed in construction, a 25% increase since 2011.Employment growth was even more pronounced among Hispanic construction workers, rising by more than half (55%). [3]
  • For example, roughly 20% of worker deaths in the United States are in construction, but construction workers make up only 6% of the U.S. labor force. [4]
  • Of the 42 annual crane related deaths, around 60% involve a falling object. [4]
  • Falls account for 34% of all construction deaths ā€” eliminating falls in construction would save more than 300 lives every year. [4]
  • The ā€œFatal Fourā€ leading causes of construction deaths account for over 60% of all construction. [4]
  • Each year, 1.1% of construction workers suffer an injury serious enough that they miss work. [4]
  • The construction industry accounts for 6% of all injuries that result in lost days of work. [4]
  • Injury and illness rates in construction were 24% higher than they were across all industries on average in 2020. [4]
  • More than 25% of construction workers indicate that they have failed to report a work. [4]
  • Construction workers ages 25 34 were most likely to sustain an injury on the job. [4]
  • Fatal construction injuries are estimated to cost the United States $5 billion each year in health care, lost income, reduced quality of life for family members and lost production. [4]
  • On average, construction companies spend 3.6% of their budgets on injuries, but only 2.6% on safety training. [4]
  • 67% of construction workers feel that standards are higher for productivity than for safety. [4]
  • 55% of workers believe they need more safety training, and 25% worry about being injured every day. [4]
  • Over 60% of construction accidents occur within an employeeā€™s first year of work, highlighting the need for proactive, high. [4]
  • Early research suggested that construction workers were five times more likely than the general public to contract COVID 19, and new variants have added to that risk as workers provide an essential service in building new structures. [4]
  • A group of establishments engaged in the same, or similar, kinds of activity are classified into one industry according to ISIC, Rev. 4. [5]
  • Activities are grouped into ‘industries’ which are classified according to ISIC 4. [5]
  • Usually, there is some minimum value that a share can take as well, e.g. 10%. [5]
  • It is important to realise that it is not necessary that the main activity account for 50 per cent or more of the total value added of a unit. [5]
  • When there are three activities A, B and C, with value added shares of 40 %, 30 % and 30 % respectively, activity A will be main and activities B and C secondary. [5]
  • more than 50 % of value added, this activity determines the classification. [5]
  • Activity is determined according to the ISIC class with the largest share of value added from top to bottomFirst determine the highest classification level Then the lower levelsFinally the class. [5]
  • 20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. [0]
  • Finally, 70% of small business owners fail in their 10th year in business. [0]
  • The fast answer for what percentage of small businesses fail, according to data from the Bureau of Labor Statistics about 20% fail in their first year, and about 50% of small businesses fail in their fifth year. [0]
  • About 80% of businesses with employees will survive their first year in business. [0]
  • (The most recent data shows that, of the small businesses that opened in March 2016, 79.8% made it to March 2017.). [0]
  • About 70% of businesses with employees will survive their second year in business. [0]
  • (The recent data shows that of the small businesses that opened in March of 2015, 69.2% made it to March of 2017.). [0]
  • About 50% of businesses with employees will survive their fifth year in business. [0]
  • (Data shows that of the small businesses that opened in March of 2012, 50.2% made it to March of 2017.). [0]
  • About 30% of businesses will survive their 10th year in business. [0]
  • (The most recent data shows that of the small businesses that opened in March of 2007, 33% made it to March of 2017.). [0]
  • But, again, the quotable stat you need is that about 20% of small businesses fail in their first year, and 50% of small businesses fail in their fifth year. [0]
  • The takeaway here is that you can pretty much bet on a 80%, 70%, 50%, and 30% survival rate across one, two, five, and 10 years in business no matter the year. [0]
  • Also, the Bureau of Labor Statistics data shows that the health care and social assistance industry is projected to grow by 21%, which is the fastest job growth rate of any other industry surveyed. [0]
  • About 85% of small businesses in this industry survive their first year, around 75% survive their second year, and about 60% make it through their fifth year. [0]
  • For the construction industry, about 75% of businesses survive their first year, 65% make it through their second year, and about 35% make it through their fifth year. [0]
  • The transportation and warehousing industry doesn’t look much better A little more than 75% of businesses survive the first year, a little more than 65% survive the second year, and about 40% make it through the fifth year in business. [0]
  • Here’s how business survival rates for restaurants stack up About 85% of food service businesses survive their first year in business. [0]
  • About 70% of food service businesses survive their second year in business. [0]
  • About 50% of food service businesses survive their fifth year in business. [0]
  • About 35% of food service businesses survive their tenth year in business. [0]
  • A CBInsights analysis of 101 startups polls the reasons why those businesses failed, according to their founders. [0]
  • 29% failed because they ran out of cash. [0]
  • 23% failed because they didn’t have the right team running the business. [0]
  • 18% failed because of pricing and cost issues. [0]
  • 17% failed because of a poor product offering. [0]
  • 17% failed because they lacked a business model. [0]
  • 14% failed because they ignored their customers. [0]
  • As of 2015, 73% of small business owners report being able to access enough capital for their businessā€¦ meaning that 27% of business owners were not able to access enough capital to operate their business. [0]
  • Of the 27% of business owners who could not access capitalā€¦ 57% said the lack of capital had no effect on their business. [0]
  • 33% said this left them unable to grow their business and expand. [0]
  • 18% reported that a lack of capital forced them to reduce employee size. [0]
  • 15% reported that they were unable to finance increased sales. [0]
  • 10% said they weren’t able to increase inventory to meet demand. [0]
  • In 2015, 40% of surveyed business owners used a bank loan to finance their businesses. [0]
  • But 77% of small business owners who apply for a bank loan from a big bank get rejected. [0]
  • About 52% of small business owners who apply for a bank loan from a small bank get rejected. [0]
  • The best approval rate comes from alternative lending , with alternative lenders approving about 60% of business loan applications in 2016. [0]
  • Results from an American Express study show that female entrepreneurship grew by 114% between 1997 and 2017. [0]
  • According to a study by the Minority Business Development Agency, the number of minority owned firms in the US increased by 38% between 2007 and 2016. [0]
  • Additionally, the U.S. saw a 34% increase in the number of African American owned firms between 2007 and 2012. [0]
  • Also during those years, the number of Hispanic owned businesses in the U.S. grew by 46%. [0]
  • In the United States, small businesses comprise 99.9% of all the country’s firms. [0]
  • 99.7% of all firms with paid employees. [0]
  • Small businesses employed 56.8 million people, or the equivalent of 48% of the private workplace in 2013. [0]
  • In the first three fiscal quarters of 2014, small businesses added 1.4 million new jobs 39% of which were from very small businesses. [0]
  • Small business accounts for 63% of net new jobs in the United States. [0]
  • Recent data shows that, of 16,000 small firms polled, one third of small businesses increased their workforce in 2016, and a full 60% of all firms expected an increase in revenue that year. [0]
  • There were 5,250 workplace deaths last year, a slight increase from 2017, according to new data from the Bureau of Labor Statistics. [6]
  • Thatā€™s 40% of all work. [6]
  • The second most common workplace fatalities involved contact with objects and equipment, which increased 13% to 786 incidents last year. [6]
  • The increase reflected a 39% spike in the number of workers caught in running equipment or machinery, and a 17% increase in the number hit by falling objects or equipment. [6]
  • State Accounts Key National Accounts aggregates by state and territory Print Key aggregates, 2020 21 % change NSWVICQLDSAWATASNTACTAustralia. [7]
  • The Australian economy grew 1.5% in 202021 following flat growth in 2019. [7]
  • The left of the map shows that Western Australia’s Gross State Product annual growth increased by 2.6%, for the 2020. [7]
  • The middle of the map shows that Northern Territory’s Gross State Product annual growth decreased by 0.6%, whereas South Australia’s annual growth increased by 3.9%, for the 2020. [7]
  • The bottom of the map shows that Tasmania’s Gross State Product annual growth increased by 3.8% for the 2020. [7]
  • New South Wales New South Wales GSP increased 1.4% in 2020 21, following a fall of 0.6% in the previous year. [7]
  • The largest increases in industry gross value added were recorded in Health Care and Social Assistance (6.5%), Agriculture, Forestry and Fishing (26.3%) and Retail Trade (7.1%). [7]
  • Both Administrative and Support Services GVA (9.7%) and Transport Postal and Warehousing GVA (8.8%). [7]
  • Following steady growth over the past decade, Victoria GSP fell 0.4% as economic activity was impacted by COVID 19 pandemic related restrictions and containment measures. [7]
  • The largest contractions GVA were recorded in Construction (4.6%), Administrative and Support Services (9.0%) and Transport, Postal and Warehousing . [7]
  • NonResidential Construction declined due to continued lockdowns and was reflected in private gross fixed capital formation where new nonresidential building construction fell. [7]
  • These falls were offset by strong growth in Agriculture, Forestry and Fishing GVA (18.6%). [7]
  • Strong growth was also observed in Health Care and Social Assistance GVA (4.0%) and Public Administration and Safety GVA (4.7%). [7]
  • Queensland GSP increased 2.0%, rebounding after experiencing its first fall in recorded history in the previous year. [7]
  • Health Care and Social Assistance GVA was the greatest contributor to growth in 2020. [7]
  • Agriculture, Forestry and Fishing GVA rose 19.7% capitalising on good weather conditions over the previous year. [7]
  • Wholesale Trade GVA rose 12.7% and Retail Trade GVA rose 9.1%, rebounding from negative growth in the previous year. [7]
  • Queensland was one of two jurisdictions to record a decline in gross operating surplus and mixed income in 2020 21 which fell 1.7%. [7]
  • The fall was driven by Mining, with GOSMI falling 38.8% due to decreasing prices and demand for LNG. [7]
  • Mining GVA fell 6.7% in 2020. [7]
  • South Australia GSP increased 3.9%, recording the strongest result of all jurisdictions. [7]
  • Agriculture, Forestry and Fishing GVA rose 23.8%, rebounding from falls in the previous three years. [7]
  • Manufacturing GVA rose 11.1%, the largest recorded increase in this industry, but levels are still well below the peaks seen in the early 2000’s. [7]
  • The bumper grain harvest also contributed to growth in Wholesale Trade which rose 11.6%. [7]
  • The demand from business was observed in private machinery and equipment GFCF which rose 6.4% in 2020. [7]
  • (+4.1%), driven in part by their response to the COVID. [7]
  • Western Australia GSP grew 2.6% with Mining continuing to contribute to growth. [7]
  • Mining contributed 0.2ppts to GVA growth, rising 0.4% in 2020 21 as export volumes of mining commodities remained steady. [7]
  • Soaring prices for iron ore resulted in nominal GSP growth of 15.8%. [7]
  • Manufacturing GVA was the strongest contributor to CVM growth this year, rising 8.7%. [7]
  • Agriculture, Forestry and Fishing GVA rose 23.1% after falling 16.9% in the previous year. [7]
  • Health Care and Social Assistance GVA also experienced a large increase of 6.9% in 2020 21, the second largest growth of all jurisdictions. [7]
  • Tasmania GSP grew 3.8% after subdued growth in 2019. [7]
  • Agriculture, Forestry and Fishing GVA rose 21.1%, representing 1.9ppts of total Tasmanian GSP growth. [7]
  • Health Care and Social Assistance compensation of employees rose 5.3% following a rise of 11.6% in 2019. [7]
  • Wholesale Trade GVA and Retail Trade GVA experienced increases this year of 14.4% and 7.8% respectively. [7]
  • Northern Territory GSP fell 0.6% in 2020 21 following an increase of 6.0% in the previous year. [7]
  • The decline was driven by Mining GVA which recorded a fall of 12.1%. [7]
  • Strong rises in Agriculture, Forestry and Fishing GVA (23.8%), Public Administration and Safety GVA (3.9%) and Health Care and Social Assistance GVA (5.4%). [7]
  • Australian Capital Territory Australian Capital Territory GSP grew 2.8% following a rise of 3.7% last year. [7]
  • Growth in ACT was driven by strength in the public sector, with rises from both national and state expenditure in Public Administration and Safety GVA (2.7%) and Health Care and Social Assistance GVA (4.4%). [7]
  • Professional, Scientific and Technical Services GVA exhibited strong growth of 6.9% in part due to its servicing of the public sector. [7]
  • Wholesale Trade GVA and Retail Trade GVA both bounced back from a subdued 2019 20, growing 9.6% and 7.3% respectively. [7]
  • Estimates of non dwelling construction in private GFCF fell 26.4% after a large rise in the previous year. [7]
  • Construction GVA fell 3.5% after experiencing rises in the previous six years. [7]
  • The largest increase was recorded in WA (18.1%). [7]
  • Declines in LNG production contributed to the decline in NT RGSI . [7]
  • Real Gross State Income and Real Gross State Income per capita, % change Bar chart with 2 data series. [7]
  • The chart has 1 Y axis displaying %. [7]
  • Created with Highcharts 9.3.3 RGSI per capita Real Gross State Income and Real Gross State Income per capita, % change End of interactive chart. [7]
  • In March 2021, change in Total Permits and Total Starts increased over 30% year over year. [8]
  • Contractors that selected their three most important capabilities that need to be improved over the next three years listed the ability to gather accurate data from the field as their top priority, with 54% of them listing this. [1]
  • Also of note 42% of contractors said they needed to get data from the field more promptly. [1]
  • Itā€™s no surprise that only 28% of contractors are OK with using paper processes, while just 47% are satisfied with spreadsheets. [1]
  • Project performance data like job costs and work in progress was listed as the most important data pulled from the field by both general contractors (93%) and specialty contractors (91%). [1]
  • Additionally, payroll and labor hours came in second with 71% of general contractors and 91% of specialty contractors listing it among their top needs. [1]
  • While productivity data placed third with 71% of general contractors and 87% of specialty contractors listing as one of their main data priorities. [1]
  • Currently, 34% are still using spreadsheets and 25% are somehow still using paper forms. [1]
  • So, it only makes sense that 82% of general contractors and 72 percent of specialty contractors are using these devices and apps on the jobsite. [1]
  • Additionally, 79% of general contractors and 38 percent of specialty contractors are using cameras. [1]
  • We found out that 37% of those surveyed are already using them. [1]

I know you want to use Construction Accounting Software, thus we made this list of best Construction Accounting Software. We also wrote about how to learn Construction Accounting Software and how to install Construction Accounting Software. Recently we wrote how to uninstall Construction Accounting Software for newbie users. Donā€™t forgot to check latest Construction Accounting statistics of 2024.

Reference

  1. fundera – https://www.fundera.com/blog/what-percentage-of-small-businesses-fail.
  2. viewpoint – https://www.viewpoint.com/blog/5-intriguing-stats-on-construction-data-and-the-jobsite.
  3. osha – https://www.osha.gov/data/commonstats.
  4. cdc – https://www.cdc.gov/niosh/construction/statistics.html.
  5. bigrentz – https://www.bigrentz.com/blog/construction-safety-statistics.
  6. europa – https://ec.europa.eu/eurostat/statistics-explained/index.php/Building_the_System_of_National_Accounts_-_basic_concepts.
  7. cnbc – https://www.cnbc.com/2019/12/27/the-10-most-dangerous-jobs-in-america-according-to-bls-data.html.
  8. abs – https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-state-accounts/latest-release.
  9. mhmcpa – https://www.mhmcpa.com/insights/article/construction-vital-statistics—march-2021.

How Useful is Construction Accounting

One of the primary reasons construction accounting is so crucial is its ability to help project managers and stakeholders track and manage costs throughout the construction process. By keeping detailed records of expenses, income, and budget projections, construction accountants are able to provide real-time financial data and analysis to ensure that projects stay on track financially. This information allows project managers to make informed decisions, identify potential cost overruns, and proactively address any financial issues before they become major problems. In a highly volatile and unpredictable industry like construction, having a solid understanding of the financial health of a project is paramount to ensuring its success.

Furthermore, construction accounting provides invaluable insights into the overall financial health of a company. By preparing financial statements, balance sheets, and cash flow reports, construction accountants can give key stakeholders, such as owners, investors, and lenders, a clear snapshot of the company’s financial standing. This information is crucial for making strategic business decisions, securing financing, and evaluating the long-term sustainability of the company. Without accurate and reliable financial information, companies would be operating blindly, putting themselves at risk for financial turmoil and potentially jeopardizing the success of their construction projects.

In addition to financial management, construction accounting also plays a critical role in ensuring compliance with tax laws and regulations. Construction projects are subject to a myriad of tax laws and regulations that are constantly evolving. Construction accountants are trained to navigate these complex tax codes, ensuring that companies remain in compliance and avoid costly penalties. By staying up-to-date on tax laws and regulations, construction accountants can help companies minimize tax liabilities and maximize their financial efficiency, ultimately driving their success in the competitive construction industry.

Overall, construction accounting is an invaluable tool that provides companies with the financial insights needed to thrive in the construction industry. From tracking project costs and managing budgets to providing stakeholders with crucial financial information and ensuring compliance with tax laws, construction accounting is essential for the success and sustainability of construction projects and companies. Without diligent and accurate accounting practices, companies are at risk of financial instability, costly mistakes, and missed opportunities for growth. As the construction industry continues to evolve and expand, the importance of construction accounting will only continue to grow, solidifying its place as a vital component of construction management.

In Conclusion

Be it Construction Accounting benefits statistics, Construction Accounting usage statistics, Construction Accounting productivity statistics, Construction Accounting adoption statistics, Construction Accounting roi statistics, Construction Accounting market statistics, statistics on use of Construction Accounting, Construction Accounting analytics statistics, statistics of companies that use Construction Accounting, statistics small businesses using Construction Accounting, top Construction Accounting systems usa statistics, Construction Accounting software market statistics, statistics dissatisfied with Construction Accounting, statistics of businesses using Construction Accounting, Construction Accounting key statistics, Construction Accounting systems statistics, nonprofit Construction Accounting statistics, Construction Accounting failure statistics, top Construction Accounting statistics, best Construction Accounting statistics, Construction Accounting statistics small business, Construction Accounting statistics 2024, Construction Accounting statistics 2021, Construction Accounting statistics 2024 you will find all from this page. šŸ™‚

We tried our best to provide all the Construction Accounting statistics on this page. Please comment below and share your opinion if we missed any Construction Accounting statistics.




Leave a Comment