Construction Estimating Statistics 2024 – Everything You Need to Know

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Are you looking to add Construction Estimating 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 Estimating statistics of 2024.

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

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

Please read the page carefully and don’t miss any word. 🙂

Best Construction Estimating Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 162 Construction Estimating Statistics on this page 🙂

Construction Estimating Market Statistics

  • [Autodesk & Dodge Data & Analytics] -Click to Tweet 13.6%compound annual growth in the construction robot market is predicted between 2021. [0]

Construction Estimating Software Statistics

  • 53%of large general contractors are utilizing software to manage safety and/or inspections on at least half of their projects. [0]
  • 79%of contractors are using software to capture data and manage information. [0]
  • 60%of general contractors and trades feel using software to manage safety and/or inspections during construction is of high value to improving this process. [0]

Construction Estimating Latest Statistics

  • The median wage is the 50th percentile wage estimate 50 percent of workers earn less than the median and 50 percent of workers earn more than the median. [1]
  • 5%increase in engineering and construction spending levels compared to 2021. [0]
  • [Research & Markets] -Click to Tweet 12%increase in total construction across 2021 compared to 2020. [0]
  • Predicted35%global growth in next 10 years. [0]
  • 58%of owners said they’ve used or plan to use designbuild, moving away from traditional designbid. [0]
  • [FMI] -Click to Tweet Designbuild projects are completed102%faster than traditional designbid. [0]
  • 23%of firms report they are taking steps to improve jobsite performance with lean construction techniques, tools like BIM, and offsite prefabrication. [0]
  • 4.7%compound annual growth in modular construction by 2026 is predicted. [0]
  • [Research & Markets-Click to Tweet About90%of firms using prefabrication report improved productivity, improved quality, and increased schedule certainty compare to traditional stick. [0]
  • 14%of trades report prefabricating more than50%of their work in the shop versus field. [0]
  • 72%of firms say projects have taken longer than anticipated.[AGC]. [0]
  • -Click to Tweet 46%of firms report a project was postponed in but was rescheduled, but 32% had projects postponed or canceled and has not been rescheduled.[AGC]. [0]
  • 44%of firms are putting longer completion times into their bids. [0]
  • Tweet Over50%of engineering and construction professionals report one or more underperforming projects in the previous year. [0]
  • 69%of owners say poor contractor performance is the single biggest reason for project underperformance. [0]
  • 68%of general contractors reported experience problems “getting off the job” on at least25%of their projects. [0]
  • 66%of general contractors are carrying added costs from overtime/second shifts on at leastthree quartersof their projects due to schedule slippage, with50%of them needing to extend the project end date. [0]
  • [Autodesk & Dodge Data & Analytics] -Click to Tweet Just25%of projects came within10%of their original deadlines in the past3years. [0]
  • And only31%of all projects came within10%of the budget in the past3years. [0]
  • Large projects typically take20%longer to finish than scheduled and are up to80%over budget. [0]
  • 98%of megaprojects become delayed or over budget. [0]
  • 77%of megaprojects around the globe are 40% or more behind schedule. [0]
  • 6%increase in wage and salaries for construction workers in 2021. [0]
  • to Tweet 84%of firms report construction costs have been higher than anticipated.[AGC]. [0]
  • -Click to Tweet 14.1%increase in construction building material November 2021. [0]
  • 53%of contractors in the U.S. feel that time constraints/ urgency of decisions presented the greatest risk to decision making. [0]
  • 37%of construction firms say their companies missed budget and/or scheduled performance targets as a result of COVID. [0]
  • 25%of all projects grow past scope of work in the field by over 30%. [0]
  • Average of35%of all construction projects will have a major change. [0]
  • Up to30%of initial data created during design and construction phases is lost by project closeout. [0]
  • 82%of owners feel they need more collaboration with their contractors. [0]
  • 78%of engineering and construction companies believe that project risks are increasing. [0]
  • 43%of construction firms prioritize immediate financial goals over organizational resilience. [0]
  • 14%of all rework in construction globally is caused by bad data. [0]
  • Up to70%of total rework experienced in construction and engineering products are a result of design. [0]
  • 52%of rework is caused by poor project data and miscommunication. [0]
  • 9%of total project cost is closer to the actual total cost of rework—considering both direct and indirect factors combined. [0]
  • Between2%and20%of total costs is the estimated amount of rework, which has a negative impact on a project schedule. [0]
  • 62%of contractors report high levels of difficulty finding skilled workers. [0]
  • 74%of contractors say they are asking skilled workers to do more work. [0]
  • 72%of contractors report a challenge in meeting project schedule requirements. [0]
  • 60%of contractors are putting in higher bids for projects [U.S. Chamber of Commerce]. [0]
  • 44%of firms indicated labor shortages caused them to lengthen completion time for projects already underway. [0]
  • 73%of firms report it will be more challenging to fill hourly craft positions. [0]
  • [AGC] -Click to Tweet Percentage of young construction workers declined by30%from 2005. [0]
  • 40%of construction jobs were lost between 2006 2011 due to the recession. [0]
  • 21.4%industry wide turnover rate, making it one of the highest rates of all industries. [0]
  • 20%of an individual’s base salary is the average cost of a turnover. [0]
  • 29%of firms report investing in technology to supplement worker duties. [0]
  • 29%of firms report they are providing incentives and bonuses to attract craft workers. [0]
  • 92%of contractors report being at least moderately concerned about their workers having adequate skill levels. [0]
  • to Tweet 12.8%U.S. Construction industry is unionized. [0]
  • 32.6%of U.S. construction workforce identifies as Hispanic or Latino. [0]
  • [TheBureau of Labor Statistics] -Click to Tweet Only13%of construction firms are women owned. [0]
  • 56%of high trust construction companies report good turnover rates – saving them up to$750,000annually. [0]
  • At high trust companies,4 out of 5projects are for repeat customers, potentially increasing gross margins by2. [0]
  • -Click to Tweet High trust construction companies are2Xas likely to be explicit about requests. [0]
  • Tweet 43%of high trust construction companies make collaboration central to how they work. [0]
  • -Click to Tweet High trust companies are2Xmore likely to have managers that share consistent feedback. [0]
  • 45%of construction professionals report spending more time than expected on non. [0]
  • 60%of general contractors see problems with coordination and communication between project team members and issues with the quality of contract documents as the key contributors to decreased labor productivity. [0]
  • 68%of trades point to poor schedule management as the key contributors to decreased labor productivity. [0]
  • -Click to Tweet 50%or more impact on productivity as a result of issues with construction logistics. [0]
  • -Click to Tweet 10%impact on productivity as a result of late crew build. [0]
  • -Click to Tweet 50%variation in productivity of two groups of workers doing identical jobs on the same site and at the same time. [0]
  • This gap in productivity was found to vary by500%at different sites. [0]
  • 50%of E&C firms (and33%of project owners). [0]
  • Only16%of executives surveyed say their organizations have fully integrated systems and tools. [0]
  • Only18%of firms reported consistently using mobile apps to access project data and collaborate. [0]
  • 63%of contractors are currently using drones on their projects. [0]
  • 37%of contractors expect to adopt equipment tagging by 2024. [0]
  • 33%of contractors expect to use wearable technology in the next three years. [0]
  • 90.9%of firms report using smartphones on a daily basis for work purposes. [0]
  • 62.4%of companies report using mobile devices on the field for daily reporting. [0]
  • [JB Knowledge] -Click to Tweet 21.4%of construction firms use 3 or more mobile apps for their projects. [0]
  • 95%of all data captured in construction and engineering industry goes unused. [0]
  • 19%UK construction firms say that their projects are entirely paper. [0]
  • 27.8%of contractors do not bid on projects involving BIM. [0]
  • 35.2%of construction firms cite “lack of staff to support the technology” as the primary limiting factor to adopting new technology. [0]
  • 28%of UK construction firms say that lacking the information they need on site is the single biggest factor impacting their productivity. [0]
  • 59%of companies state that their workforce doesn’t have the skills needed to work with BIM. [0]
  • 56%of construction firms do not have a dedicated R&D budget. [0]
  • 75%of respondents stated an increasing need for rapid decision making in the field. [0]
  • -Click to Tweet Only36%of firms have implemented a process for identifying bad data and repairing it. [0]
  • 14%of all construction rework may have been caused by bad data creating$88.69. [0]
  • 60%of contractors rely on one tool. [0]
  • 74%of all the multi tool contactors stated that they end up relying on one primary toll to track key processes. [0]
  • 58%of contractors are using standardized inputs on at least half of their projects. [0]
  • 41%of contractors agreed that non standardized data input leads to inconsistent, inaccurate, incomplete, and unusable data. [0]
  • 70%of contractors believe that advanced technologies can increase productivity(78%), improve schedule(75%), and enhance safety(79%). [0]
  • [USG + U.S. Chamber of Commerce] -Click to Tweet 52%consider the needs of field staff a top consideration for investing in technology. [0]
  • But only28%actually receive feedback from field staff before investing in technology. [0]
  • 13 21%)in the Design & Engineering and Construction phases. [0]
  • and$0.30.5 trillion (10 17%). [0]
  • AI has the potential to increase the construction industry’s profits by71%by 2035. [0]
  • And55%report BIM processes reduced the time required for communications. [0]
  • 47%of construction firms use thirdparty tools, with around60%leaning on desktop applications and40%using cloud. [0]
  • 32%of owners and contractors use internally developed tools. [0]
  • $65,800 Top pay $97,700 10 year job growth 36.4% Total jobs*. [2]
  • Top pay represents the 90th percentile. [2]
  • Job growth is estimated for 2010 20, and based on people working in broader ‘job family’ from the Bureau of Labor Statistics. [2]
  • Recent studies have found that, on average, nationwide construction projects exceed their budget by 16% at minimum—and often far more. [3]
  • Many lenders recommend including a 20% contingency right off the bat for cost overrun. [3]
  • Imagine a 20% salary increase, and you’ll have a good idea of what a significant expansion this is!. [3]
  • The vast majority of construction projects completed in twenty countries over the course of a 70 year period—85%, to be exact!—experienced cost overrun. [3]
  • The overall average overrun was 28%. [3]
  • Just 25% of projects came within 10% of their original deadlines over that same time period. [3]
  • The 10% rise in material costs far exceeds the overall inflation rate of 1.8% in 2019. [3]
  • According to McKinsey, boosting productivity could save nearly $1.7 trillion annually. [3]
  • 61% reported that technology processes reduced project error. [3]
  • According to the World Economic Forum, full scale digitization could save $1.2 trillion in the Design & Engineering and Construction phases alone. [3]
  • Comparatively, there are 12.2% of the Hispanic or Latino ethnicity and 3.7% of the Asian ethnicity. [4]
  • White, 80.3% Hispanic or Latino, 12.2% Asian, 3.7% Black or African American, 2.0% Unknown, 1.5% American Indian and Alaska Native, 0.3%. [4]
  • Using the Census Bureau data, we found out how the percentage of each ethnic category trended between 2010 2019 among Construction Estimators. [4]
  • Interestingly enough, the average age of Construction Estimators is 40+ years old, which represents 70% of the population. [4]
  • The most common degree for Construction Estimators is Bachelor’s Degree 65% of Construction Estimators earn that degree. [4]
  • A close second is Associate Degree with 19% and rounding it off is Master’s Degree with 7%. [4]
  • Bachelors, 65% Associate, 19% Masters, 7% High School Diploma, 4%. [4]
  • Other Degrees, 5% Construction Estimator Wage Gap By Education. [4]
  • By looking over 980 Construction Estimators resumes, we figured out that the average Construction Estimator enjoys staying at their job for 1 2 years for a percentage of 39%. [4]
  • Executive Director Of Development, Gift Planning 11.29% Gold Buyer 10.52% Professional Consultant 10.33% Bank Compliance Officer 9.80% Web Merchant 8.65% Construction Estimator 5.12% Acquisitions Logistics Analyst 4.48% Profession. [4]
  • The most common foreign language among Construction Estimators is Spanish at 51.2%. [4]
  • The secondmost popular foreign language spoken is Portuguese at 12.2% and French is the third most popular at 9.8%. [4]
  • Spanish, 51.2% Portuguese, 12.2% French, 9.8% Japanese, 4.9% Russian, 4.9%. [4]
  • The typical range in this level is from. [5]
  • Playing with heat source0.3% Totals may not equal 100% due to rounding. [6]
  • Residential is the leading property type for fire deaths (72.2%), fire injuries (76.4%) and fire dollar loss (46.4%). [6]
  • There were an estimated 29,705 fire departments (all career 10%; mostly career 8%; mostly volunteer 18%; all volunteer 64%). [6]
  • There were an estimated 1,115,000 firefighters. [6]
  • 23,825 firefighters (39%). [6]
  • The latest opening date is November 2020 but with the ongoing situation it seems likely to move again. [7]
  • The James Webb Space Telescope was originally supposed to be launched in 2007 and cost $500 million, but as of today has slipped to 2021 with an estimated cost of $10 billion. [7]
  • Sagrada Familia, designed by the famous Spanish/Catalan architect Antoni Gaudi,started in 1882 and is estimated as of today to complete by 2026, 100 years after Gaudi’s death in 1926 . [7]
  • The trick is to produce 3 data points for every estimation a— the best case estimate b— the most likely estimate c—. [7]
  • The key is the name of the task, while the value is a list of 3 elements, the first is the optimistic value a, the second is the most likely value b and the last is the pessimistic value c. [7]
  • First thing we do is to simply show the tasks, and if we have more than 1 task, we add up the optimistic, most likely and pessimistic values. [7]
  • For the probabilities, we simply take the area under the curve between the mean and multiples of the standard deviation σ on both sides of the mean, and that would be the probability (because the area under the curve will all add up to 1.0 or 100%). [7]
  • It seems astonishing and wrong that we say the probability that the task will end up between 5.1 and 9.6 is 100%. [7]
  • If we allow it more decimal points it would be something like 99.9994%. [7]
  • There is a 99.9994% chance that the task is somewhere between 5.1 and 9.6. [7]
  • It seems wrong that if you think the task is optimistically a 4 and pessimistically a 12 to then be told off by statistics that either values have a probability of only 0.0006%!. [7]
  • If the probability of the pessimistic value is only 0.0006% then maybe the pessimistic value estimation is wrong and should be larger. [7]
  • As the estimator you know better how likely the value 12 is. [7]
  • If you think that it’s extremely unlikely, and there is a very very small chance that it might be correct, then the value 12 is probably correct. [7]
  • If you think it’s unlikely to be 12, but the chances are that it’s going to be larger than 0.0006%, then you should choose a larger value. [7]
  • As a project collectively we see the optimistic total is 25, the most likely total is 34 and the pessimistic total is 88. [7]
  • From the numbers, we see that the mean 41.5 is pretty far away from the most likely value, and the mean is actually the most likely value for this distribution!. [7]
  • You will notice something interesting — there is around a 67% probability that the project values are within 1σ of the mean, 96% probability that it’s within 2σ and 99.7% within 3σ. [7]
  • The empirical rule states that for normal distributions, 68% of the values are within 1σ of the mean, 95% are within 2σ and 99% are within 3σ. [7]
  • The numbers say that there is a 99.7% chance that the project value is somewhere between 34.2 and 48.8. [7]
  • Remember that if we add up all the values in the various columns, the optimistic value is 25, the most likely value for the project is 34 and the pessimistic value is 88!. [7]
  • The statistics we worked out here basically mean that if all our estimations are accurate, then the project values will be 99.7% likely to be between 34.2 and 48.8. [7]
  • The estimated fatal occupational accidents in the CIS countries is over 11,000 cases, compared to the 5,850 reported cases. [8]
  • Hazardous substances alone are estimated to cause 651,279 deaths a year. [8]
  • up to 10% withto save up to 10% with Create your FREE Amazon Business account. [9]
  • There was an average monthly revision of ÂŁ324 million to the unconstrained survey totals, between the first and fifth iteration in 2016 – which is an average increase of 2.6%. [10]
  • Of the businesses that are imputed for in the first iteration, the 2016 data show that 95% do see a change in value by the thirteenth iteration, in accordance with the “Factors that lead to revisions after first iteration” section. [10]
  • In 55% of cases, these were positive changes, while 40% had a negative change. [10]

I know you want to use Construction Estimating Software, thus we made this list of best Construction Estimating Software. We also wrote about how to learn Construction Estimating Software and how to install Construction Estimating Software. Recently we wrote how to uninstall Construction Estimating Software for newbie users. Don’t forgot to check latest Construction Estimating statistics of 2024.

Reference

  1. autodesk – https://constructionblog.autodesk.com/construction-industry-statistics/.
  2. bls – https://www.bls.gov/oes/current/oes131051.htm.
  3. cnn – https://money.cnn.com/pf/best-jobs/2012/snapshots/17.html.
  4. propelleraero – https://www.propelleraero.com/blog/10-construction-project-cost-overrun-statistics-you-need-to-hear/.
  5. zippia – https://www.zippia.com/construction-estimator-jobs/demographics/.
  6. esub – https://esub.com/blog/construction-estimating-101-everything-you-need-to-know/.
  7. fema – https://www.usfa.fema.gov/data/statistics/.
  8. towardsdatascience – https://towardsdatascience.com/estimating-tasks-with-statistics-and-simulations-using-python-ddd1df3c7ce1.
  9. ilo – https://www.ilo.org/moscow/areas-of-work/occupational-safety-and-health/WCMS_249278/lang–en/index.htm.
  10. amazon – https://www.amazon.com/Industrial-Construction-Estimating-Man-Hour-Analysis-ebook/dp/B07SD4BD7S.
  11. ons – https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/articles/improvementstoconstructionstatisticsaddressingthebiasinearlyestimatesofconstructionoutputjune2018/2018-06-04.

How Useful is Construction Estimating

One of the most obvious benefits of construction estimating is its ability to provide a roadmap for the project. By carefully estimating the cost of materials, labor, and equipment, contractors can ensure that they have enough resources to complete the project within budget and on time. This also allows for proper planning and scheduling, which can help prevent delays and costly overruns.

Furthermore, construction estimating plays a crucial role in project management. By having a detailed breakdown of costs and resources, project managers can allocate resources effectively and make informed decisions throughout the construction process. This can help improve efficiency, productivity, and overall project quality.

Another significant advantage of construction estimating is its ability to minimize risks. By accurately estimating costs, contractors can identify potential financial risks early on and take steps to mitigate them. This can help prevent costly surprises and disruptions during the construction process, ultimately leading to a more successful project outcome.

In addition, construction estimating can also help foster better communication and collaboration among project stakeholders. By having a clear understanding of the costs involved, all parties involved in the project can work together towards a common goal. This can lead to better coordination, fewer misunderstandings, and ultimately, a smoother construction process.

Moreover, construction estimating can also be a valuable tool for decision-making. By having accurate cost estimates, contractors can evaluate different options and scenarios to determine the most cost-effective approach for the project. This can help maximize resources, minimize waste, and ultimately increase profitability.

It is important to note that construction estimating is not without its challenges. Factors such as market volatility, labor shortages, and unexpected changes in project scope can all impact the accuracy of cost estimates. However, by utilizing industry best practices, advanced technology, and experienced professionals, contractors can mitigate these challenges and ensure more reliable estimates.

In conclusion, construction estimating is a crucial process that plays a vital role in the success of any construction project. From providing a roadmap for the project to minimizing risks and fostering collaboration, the benefits of accurate cost estimation are undeniable. By investing time and resources into this critical aspect of construction management, contractors can ensure the successful completion of projects and position themselves for long-term success in the industry.

By recognizing the value of construction estimating and incorporating it into their project management practices, contractors can set themselves up for success in an increasingly competitive and complex construction industry.

In Conclusion

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




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