The Construction Outlook for 2024 shows a sector experiencing dynamic changes, influenced by technological advancements, sustainability, and new management practices. It explores these emerging trends, offering an overview of the sector’s performance. The report examines the key industry data on company demographics and investment behaviors, including their contributions to the industry’s development in the face of worldwide economic changes.
This construction report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.
StartUs Insights Construction Outlook 2024
- Executive Summary
- Introduction to the Construction Report 2024
- What data is used in this Construction Report?
- Snapshot of the Global Construction Industry
- Funding Landscape in the Construction Industry
- Who is Investing in the Construction Industry?
- Emerging Trends in the Construction Industry
- 5 Construction Startups impacting the Industry
Executive Summary: Construction Industry Outlook 2024
This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 2000+ construction startups developing innovative solutions to present five examples from emerging construction industry trends.
- Industry Growth Overview: The construction market outlook shows a dip of -4.93% in annual growth with over 74000 companies listed.
- Manpower & Employment Growth: The industry employs a workforce of over 7 million people, with 300000 new hires added last year
- Patents & Grants: Innovation is high with over 34000 patents and the support of 2024 grants.
- Global Footprint: Key hubs are in the US, Germany, UK, Canada, and Australia including major cities such as Sydney, London, New York City, Melbourne, and Singapore.
- Investment Landscape: The sector shows an average investment value of USD 41 million per round, with over 5000 funding rounds and more than 2000 investors.
- Top Investors: It showcases collective investments of over USD 1 billion, with leading contributions from QDPQ, 3i Group, and more.
- Startup Ecosystem: Five startup features include AC3D (3D construction printing), Karelics (robotic management systems), Solidspac3 (real-time variance reports), Varicon (cost management software), and Nodon (climate impact optimization).
- Recommendations for Stakeholders: Emphasize adaptation to technological advancements such as 3D Printing and connected construction sites to further implement sustainable practices. Tracking industry players and innovation remains effective in staying competitive.
Explore the Data-driven Construction Report for 2024
This construction outlook uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. In the past year, the industry has seen a decrease in growth by -4.93%. Our database lists over 74000 companies in the sector. Employee growth has been steady, with a global workforce of 7+ million and an increase of 300K in the last year.
The construction industry has a significant presence in the USA, Germany, UK, Canada, and Australia. Key city hubs are in Sydney, London, New York City, Melbourne, and Singapore, serving as central nodes for construction technology and innovation. The sector holds over 34000 patents, indicating a commitment to innovation and intellectual property. Further, startups have been supported by 200+ grants, showing a greater push in advanced R&D.
What data is used to create this construction report?
Based on the data provided by our Discovery Platform, we observe that the construction industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.
- News Coverage & Publications: The construction industry has received considerable media attention, with over 200K publications featuring it in the last year.
- Funding Rounds: Our database has more than 5000 funding rounds available, indicating significant investment activity.
- Manpower: The sector employs over 7 million workers and added more than 300K new employees last year.
- Patents: With over 34000 patents, the construction industry shows its capacity for innovation.
- Grants: It has also received 2024 grants, highlighting its focus on research and development.
- and more. Book a demo to explore all data points used in this report.
A Snapshot of the Global Construction Industry
The construction sector is a key part of the global economy and employs a workforce of 7.7 million. In the last year, the sector has shown steady growth, adding 300K employees. This growth is a response to the continued need for construction services fueled by both public and private sector projects. Further, the industry includes over 74000 companies, indicating the diversity and variety of opportunities it provides.
Explore the Funding Landscape of the Construction Industry
In the construction industry, the average investment value is USD 41 million per round. It has over 2000 active investors, indicating a wide base of support that includes individual angel investors to large institutional financiers. This diverse investor pool has resulted in more than 5000 funding rounds, reflecting the sector’s dynamism and the confidence investors place in its future. Further, these investments have been distributed across more than 3000 companies.
Who is Investing in the Construction Industry?
The construction industry has seen an increase in investments, with the top investors contributing over USD 1 billion combined. Here’s the list of notable investors:
- Caisse de dépôt et placement du Québec (QDPQ) leads with an investment of USD 200 million across 2 companies, showcasing a focused investment strategy.
- 3i Group follows with investments totaling USD 154.1 million in 4 companies, showing an interest in the sector’s potential.
- BDT & MSD Partners have contributed with USD 150 million invested in 2 companies, signaling confidence in its selected ventures.
- Insight Partners, with investments of USD 141.2 million in 4 companies, further highlights the industry’s potential for innovation and growth.
- Gypsum Management and Supply has allocated USD 135 million across 4 companies, highlighting the sector’s diverse opportunities.
- Madison Realty’s investment of USD 129 million in 2 companies shows a targeted approach toward valuable opportunities.
- Infra Market, with USD 120 million invested in 2 companies, signifies the increasing focus on infrastructure and materials.
- Bpifrance, investing USD 110.4 million in 10 companies, indicates strong support for the sector’s expansion.
- Bank of America’s USD 107 million investment in 2 companies underscores the financial sector’s trust in construction.
- Split Rock Partners with USD 104.5 million invested in 2 companies emphasizes the sector’s innovation potential.
This collective investment is indicative of the construction industry’s growth activity, suggesting good prospects for innovation.
Gain Access to Top Construction Innovations & Industry Trends with the Discovery Platform
The data outlines the growing trends in the construction industry over the past year, including construction management, sustainable construction, digital construction, and others. Construction management is a prominent trend with a large number of companies involved, totaling over 14K, and it has also received the most mentions over 10K, indicating its importance in current construction practices. Explore all construction industry trends by booking a free platform demo.
Sustainable construction is also significant, with 1K+ companies involved and a considerable 3K+ mentions, indicating its relevance and acceptance in the sector. Digital construction, while having a smaller group of 60o+ companies, has received a notable number of mentions of 1K+, showing the growing incorporation of technology in construction processes.
Explore Firmographic Data for All Construction Trends
- Sustainable construction is a notable trend within the industry, with 1800+ companies involved, employing 320K+ individuals. Despite a slight annual trend growth rate decrease of -0.21%, it shows a commitment to environmental stewardship and energy efficiency. Last year, these companies added 11K+ new employees, indicating an ongoing investment in sustainable practices.
- Digital construction improves efficiency, reduces costs, and enhances project management through innovative digital tools and platforms. It is changing the industry with 600+ companies leading the way, employing 94K+ people. The addition of 4.5K new employees in the last year highlights the increasing demand for digital expertise in construction. With an annual growth rate of 5.2%, this trend underscores the sector’s shift towards technology-driven solutions.
- Robotic construction offers high precision, safety, and efficiency. Though smaller in scale with 300+ companies and 18K+ employees, this trend is gaining traction. It added 1.3K new employees over the last year, reflecting growing interest and investment in automation and robotics. Also, this trend has an annual growth rate of 5.37%.
5 Top Examples from 2000+ Innovative Construction Startups
The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a platform demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.
AC3D enables Construction 3D Printing
US-based startup AC3D develops integrated 3D printing construction technology. Its Codemason 2.0 is a modular, track-based gantry printer that is used on-site and is scalable to match the size of a large building.
The startup also provides a Codemason – Micro Factory (MF), an off-site printer that produces a variety of concrete parts and prefabricated elements for modular construction. AC3D’s products enhance automation in construction, making it greener and more productive.
Karelics manages Construction Robots
Finnish startup Karelics develops Karelics Cloud, a robotic data and operations center for construction sites. It includes a management system for construction robots, improving efficiency, lowering costs, and enhancing safety.
The platform features native Building Information Modeling (BIM) support, enabling construction workers to access all robot-related information in a single location. It facilitates multi-floor navigation and the establishment of virtual walls and areas. Further, the startup system is compatible with robots from different manufacturers and assists in device and project planning.
Solidspac3 creates Real-Time Variance Reports
US-based startup Solidspac3 provides construction variance reporting for minimizing construction rework, delays, and claims. It processes current plans, either BIM or CAD drawings, through a cloud-based analytics engine. As construction advances, 3D scans of the site are periodically uploaded to this engine for evaluation.
The startup generates a variance report, pinpointing items that have been installed incorrectly. This report categorizes each variance by severity, offering a straightforward format for field professionals. In addition, VDC teams, architects, and engineers can utilize a comprehensive 3D application for point cloud analysis. Progress photos of the site, captured at 360°, are also made available on both desktop and mobile devices.
Varicon offers Construction Cost Management
Australian startup Varicon develops construction cost management software that provides real-time cost data to reduce financial risk for contractors. The platform includes features such as cost tracking, forecasting, timesheets, daily diaries, progress claims, production tracking, purchase orders, and delivery dockets.
The startup’s management dashboard consolidates critical information, providing insights to guide decision-making. Its mobile app records costs as they occur, maintaining an organized record of dockets, purchase orders, and supporting documents. Varicon generates reliable construction progress claims in minutes, and all collected data can be swiftly compiled into a report and exported in an Excel format.
Nodon optimizes Project Climate Impacts
Swedish startup Nodon develops a platform for climate impact optimization of construction projects. The platform calculates the climate impact of a construction project in its early stages. It assists in lowering emissions by comparing the emissions from various construction alternatives.
The startup aids in identifying and calculating construction solutions that are appropriate for specific projects. It utilizes a database of construction recipes for all building parts to facilitate the calculation of total emissions. Further, construction businesses are also given the option to input their construction recipes. Nodon identifies effective ways to reduce CO2 emissions in construction projects.
Looking for Comprehensive Insights into Construction Trends, Startups, or Technologies?
The construction outlook suggests that the sector is on the verge of significant technological adoption. Sustainability is also a key focus, with firms increasingly using green materials and energy-efficient methods. The role of digitalization is expanding, with smart construction and modular techniques altering the way projects are executed. The industry’s interest in innovation is clear from the growing investment in robotics and AI, pointing towards a future of higher efficiencies and precision. Book a platform demo to explore all 2000+ startups and scaleups, as well as all industry trends impacting construction companies.
