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Get StartedThe National Association of Home Builders (NAHB) is the most common source of construction statistics, as well as permit and employment data. These statistics help builders and construction companies understand the different points of building a new home as well as possible pricing per square foot.
Statistics such as the recent decline in people buying new single-family homes help construction firms tailor their services to meet demand. The statistics provide an idea of what people want and how much they are willing to pay. Construction companies, while not fully reliant on such statistics, have to note trends in order to foresee dips in the construction market.
The main advantages of the statistics are mainly that they allow builders and construction companies to make adjustments to their work schedules to allow for lower demand. This also works the other way, as they can be used to the construction industry's advantage by letting companies know what people are looking to buy.
Maybe the biggest disadvantage to construction statistics is the fact they are far from 100-percent reliable. The information used is often only a small part of the whole picture, meaning the statistics are not always accurate. This can lead to businesses missing out on certain types of work. Business.com is a great source for more information about construction statistics.