Construction companies have long been known for their efficiency and cost-cutting, but that efficiency has come at a cost.
The cost of construction is dropping dramatically and in a way that many construction firms are not even aware of.
Here’s a look at the industry’s transformation over the last decade and how the cost of building has dropped and the importance of the key contractors you’ll need to build your dream home.
1.
Construction is cheaper today than it was in 2009, according to a new study by the consulting firm Deloitte.
The study, released Thursday, found that the construction sector has been on an almost flat-line since the year 2009.
The average construction worker made $46,000 in 2012.
That’s down nearly 40 percent from the year before, Deloise said.
2.
Construction companies are making more money than ever, but it’s still not enough.
According to Deloisaite, the construction economy has grown by 10.9 percent since 2009, but the total number of workers has grown only about 4.4 percent.
That means more than one-third of the industry is still not profitable.
In fact, the number of employees in the construction business has shrunk by 7.6 percent over the same period.
That represents a decline of more than 4,400 jobs, according the firm.
3.
The number of construction workers has fallen, but construction is still the most expensive occupation in the country.
The Deloisites report found that nearly one-quarter of construction work in the United States takes place in the home.
And more than a quarter of the construction jobs are for people ages 55 and older.
4.
Construction workers in the U.S. have been making less than $100,000 a year for 20 years.
The numbers are even worse for people working in the oil and gas industry, who are making $140,000 to $150,000 annually.
5.
Most construction companies are now paying contractors for the work they do, rather than using contractors to build the projects themselves.
The report found a growing trend of contracting with subcontractors to build projects.
The industry is paying contractors a premium to do work they don’t even have to complete themselves, according Deloisiites findings.
6.
The price of a home is down over the past few years.
Homes have been on the rise in the last few years and are on the upswing again.
The median price of single-family homes fell to $278,600 in the third quarter from $302,900 a year ago.
But the median price for a four-bedroom home rose to $1.8 million in the same quarter from a year earlier.
That was the third straight year that median prices have risen.
7.
The costs of getting a construction job are dropping, but those costs are still high.
The estimated average construction job wage for the third-quarter was $60,942.
That is about $14,000 higher than the average for the fourth quarter.
But that was after the average construction wage for this time last year was $49,868.
8.
Most new construction jobs involve building structures of less than three stories.
The survey found that there were more than 1,200 construction jobs in this category for the quarter.
However, that number has fallen to less than 200 jobs for the second quarter in a row.
9.
Construction contractors aren’t getting paid enough for the job they do.
The consultants said the reason for the pay gap is the fact that most of the work in construction has been done by contractors who are paid by the hour.
The company said contractors have an average hourly wage of $24.56, and that the average length of time they spend working on a project is three days.
It said that average hourly pay is $22.55 for a single person working a six-hour day, and $31.20 for a full-time worker.
10.
The biggest companies in the building industry have been consolidating and selling their services to smaller companies.
The consultancy found that in the fourth-quarter, about 20 percent of the companies it surveyed were no longer part of the larger construction firms.
They included construction services such as roofing, plumbing, plumbing contractors and plumbers, as well as construction contractors.
That includes builders, contractors and builders.
11.
The companies that are consolidating are not necessarily the best.
Some of the consolidators have gone bankrupt.
The firm said that many of the smaller builders have been unable to keep up with demand, and some of them have filed for bankruptcy.
12.
The federal government is trying to help small companies grow and diversify their business.
The government is offering a federal loan guarantee program called Loan to the Developed, which provides $3 billion to the companies that get the loan, according a statement from the White House.
This will help the companies make better use of the money they earn.
The program is expected to be fully