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Residential construction

In the United States, the industry in 2014 has around $960 billion in annual revenue according to statistics tracked by the Census Bureau, of which $680 billion is private (split evenly between residential and nonresidential) and the remainder is government.[21] In 2005, there were about 667,000 firms employing 1 million contractors (200,000 general contractors, 38,000 heavy, and 432,000 specialty); the average contractor employed fewer than 10 employees.[22] As a whole, the industry employed an estimated 5.8 million in April 2013, with a 13.2% unemployment rate.[23] In the United States, approximately 828,000 women were employed in the construction industry as of 2011

Construction projects can suffer from preventable financial problems. Underbids happen when builders ask for too little money to complete the project. Cash flow problems exist when the present amount of funding cannot cover the current costs for labour and materials, and because they are a matter of having sufficient funds at a specific time, can arise even when the overall total is enough. Fraud is a problem in many fields, but is notoriously prevalent in the construction field.[15] Financial planning for the project is intended to ensure that a solid plan with adequate safeguards and contingency plans are in place before the project is started and is required to ensure that the plan is properly executed over the life of the project.


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