Overview of Construction Industry
To create an investor presentation by answering three specific questions of how many construction companies are there in the U.S., how many use BIM in their projects, and how many use 3D models with examples.
- As of 2016, a report said there were 700,000 construction companies in the U.S. that collectively created over $1.7 trillion dollars in revenue. This same report stated that just in the U.S., construction industry expenditures exceeded $900 billion dollars. The Construction Association stated the industry has over 680,000 employees.
- Statista in 2019 said construction expenditures reached 1.293 billion in the U.S.
- There are at least 85 major construction companies that use BIM. According to a listing, the top 5 of these companies in the U.S. are Turner Construction Co., Gilbane Building Co., Whiting-Turner Contracting Co., Skanska USA, and Clark Group. The BIM revenue for each are $7.6 billion, $4.2 billion, $4 billion, $3.8 billion, and $3.7 billion respectively. We were unable to find a specific number of BIM construction companies in the U.S., but included this list to show there are a large number of companies that use BIM.
- A McGraw Hill report stated contractors adopting BIM had gone up from 17% in 2007 to 70% in 2012 in the U.S. Another survey stated 51% of contractors used BIM in 2017.
- Nearly 62% of companies are experimenting with new technologies.
- With the addition of BIM, 3D models are taking over the construction world and leaving 2D models behind. 3D models started being used in larger firms and are slowly making their way down to midsize and smaller firms. We were unable to find an exact number of how many construction companies use 3D models, but since 3D models are associated with BIM software, the number of firms would likely be the same as the percentage of companies that use BIM.
- Turner Construction is a leading BIM construction company and are using it to to work on an expansion project for the San Diego International Airport.
- Some benefits of using 3D models for construction companies include easily sharing designs, identifying problems earlier, and granting more creative freedom.
Proposed next steps:
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As the initial research found a large percentage of construction companies that use BIM, we would continue research by identifying 6 leading BIM construction companies. We would provide a case study for each company that would include an overview of the company, how they use BIM, 2-3 projects they used BIM on, and office locations.
We could research further into the benefits of construction companies using 3D models by providing an overview of the benefits of using 3D models that would include 2-3 major advantages, how the 3D models are used, and if there were revenue and productivity increases after the using 3D models.