How Construction Companies Are Building Our World and Workforce
Saying the construction industry is large would be a gross understatement. As one of the oldest industries to date, construction has skyrocketed over the last thousands of years–and it keeps growing. Indeed, the global construction market is expected to grow to a massive $8 trillion by 2030. With this anticipated increase, today’s construction companies have their work cut out for them, to say the least. In fact, just to keep up with our world’s basic infrastructure needs, an estimated $3.3 trillion per year will need to be spent on infrastructure through 2030.
Beyond meeting our world’s most fundamental building needs, construction companies, large and small, are making a huge impact on our global economy. Although the U.S. has one of the largest construction industries in the world, at approximately $1.18 trillion in 2017 alone, the majority of the world’s largest construction companies are based in Europe and China. Primarily, these companies are driving development in countries like China, India and the Middle East, in addition to the U.S.
So, who are the top giants in the building industry spurring economic growth and employment around the world? To get you familiar with the major players in the industry, we’ve compiled a SlideShare of some of the top construction companies in the world. Primarily, our list is comprised of rankings from ENR on the top international contractors and we’ve also included information on their location, revenue, year founded and notable projects. Enjoy and flip through below.
How Construction Companies Are Building Our World
Skyscraper by skyscraper, bridge by bridge, stadium by stadium, construction companies are not only continuing to grow a massive industry; they’re truly building our world. And the demand for construction continues to grow. A strong global economy goes hand-in-hand with construction’s growth. As of now, the IMF estimates that construction’s global growth is going to increase over 2018, with its latest forecasts predicting an increase of 3.5% over the course of this year.
The math is simple. Where there are people, there is construction. Currently, global population is estimated to grow to 9 billion by 2050, with two-thirds of people predicted to be living in cities. Beyond just building out world, construction companies are also helping to build careers. On the whole, the industry employs more than 180 million workers worldwide–and this number is increasing each year. Just in the U.S., 75% of contractors reported that they are adding to their headcounts in 2018.
No matter how you look at it, the future of construction companies looks bright–as long as companies continue to innovate with the use of technology, improving their productivity in the process.
The Next Generation of Top Construction Companies
Who will be in the top international construction companies in the next 10, 20, 30 years? Only time will tell, but one thing can be predicted; the companies that will outshine the rest will be those that adapt and evolve with modern times. In other words, companies that embrace new construction markets, innovations and a diverse and globalized workforce will emerge as the future winners of the building industry.