Petroleum is one of the few construction markets currently shrinking in revenue. From a 2013 height of $59 billion, overall revenue has fallen to $23 billion in 2020, a roughly 60% reduction.
This decrease coincides with the rise in consumer demand for renewable resources. A recent ENR article notes that for the wind companies they reviewed, “revenue grew 185% between 2015 and 2019”.
Learn more from ENR in their quick take – ENR Top 400: Petroleum Construction Market Fizzles for Firms.
As a construction management firm, we’re always trying to stay ahead of trends and potential challenges that may impact our clients. Stay tuned for more research and articles on how to navigate the construction markets and industry effectively and efficiently.