NAICS 23622 - Commercial and Institutional Building Construction
This industry comprises establishments primarily responsible for the construction (including new work, additions, alterations, maintenance, and repairs) of commercial and institutional buildings and related structures, such as stadiums, grain elevators, and indoor swimming pools. This industry includes establishments responsible for the on-site assembly of modular or prefabricated commercial and institutional buildings. Included in this industry are commercial and institutional building general contractors, commercial and institutional building operative builders, commercial and institutional building design-build firms, and commercial and institutional building project construction management firms.
Industry trends:
The commercial and institutional building construction industry (NAICS 23622) is currently experiencing several qualitative trends. One notable trend is the increasing emphasis on sustainability and green building. Firms are prioritizing energy-efficient building designs and the use of eco-friendly materials to meet stricter environmental regulations and to cater to the growing demand for sustainable development from investors and tenants.
Another trend is the adoption of advanced technologies such as Building Information Modeling (BIM) and 3D printing. These technologies are enhancing project efficiency by improving design accuracy and reducing waste, which ultimately lowers overall construction costs. Additionally, the integration of smart building technologies is becoming more prevalent, with a focus on improving the functionality and energy management of commercial spaces.
Workforce shortages remain a critical challenge in the sector, prompting companies to invest in training programs and recruitment efforts to attract skilled labor. Moreover, the industry is seeing a heightened focus on safety protocols and risk management strategies, driven by both regulatory requirements and the need to mitigate potential project disruptions.
Looking ahead, the outlook for the commercial and institutional building construction industry is positive, with steady growth expected due to ongoing urbanization and infrastructure development. However, potential economic fluctuations and supply chain disruptions could pose risks. Overall, firms that adapt to technological advancements and maintain a focus on sustainability and workforce development are likely to thrive in the near future.
This industry is comprised of:
This report includes the ability to segment your Industry by:
- Region
- Employees
- Net Sales
- Company Age
- Total Assets
- Ownership Type
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