It typically starts with planning, financing, and design that continues until the asset is built and ready for use. Construction also covers repairs and maintenance work, any works to
expand, extend and improve the asset, and its eventual demolition, dismantling or
decommissioning.
The construction industry contributes significantly to many countries’ gross
domestic products (GDP). Global expenditure on construction activities was about
$4 trillion in 2012. In 2022, expenditure on the construction industry exceeded $11
trillion a year, equivalent to about 13 percent of global GDP. This spending was
forecasted to rise to around $14.8 trillion in 2030.[1]
The construction industry promotes economic development and brings many nonmonetary benefits to many countries, but it is one of the most hazardous industries.
For example, about 20% (1,061) of US industry fatalities in 2019 happened in
construction.[2]
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