The major concern in the construction industry is the shortage of skilled experts that may hinder growth prospects. General construction includes the building of residential places and commercial real estate. Building Construction Categories (ISO) — Categories of building construction established by Insurance Services Office, Inc. (ISO), in its Commercial Lines Manual (CLM) for purposes of developing rates for insuring commercial property, based on susceptibility to damage by fire. Construction workers engage in many activities that may expose them to serious hazards, such as falling from rooftops, unguarded machinery, being struck by heavy construction equipment, electrocutions, silica dust, and asbestos. The United States’ construction infrastructure costs are on the rise in 2020, which can be good for the entire construction industry. Philippine Standard Industrial Classification (PSIC) Back to Publication Catalog The Philippine Standard Industrial Classification (PSIC) is a detailed classification of industries prevailing in the country according to the kind of productive activities undertaken by establishments. THE CONSTRUCTION INDUSTRY IS divided into two sectors: Non-residential, which has three sub-sectors (heavy industrial, institutional and commercial, engineering), and Residential. The Census Bureau released a report on construction spending, showing that 2019 annual rate estimates ($1,345 billion) were under predicted for 2020 ($1,369.2 billion), and readjusted to meet financial demands.. It pays to be knowledgeable about the different types of commercial construction projects if you are interested in getting into the construction and development industry. Major Types of Construction . The construction industry can be sub-divided into three categories such as heavy construction, general construction, and specialized construction. Recently, the construction industry has become more complex to be managed. In the United States, private construction spending reached around 992 billion U.S. dollars in 2018. Construction jobs encompass a variety of roles related to different disciplines. The Importance of Knowing the Different Construction Project Types. Workers are hired by three types of employers: consultants, contractors, and subcontractors. Knowing the kinds of construction projects will help you know about the various laws that govern each of them. Construction is a high hazard industry that comprises a wide range of activities involving construction, alteration, and/or repair. Heavy construction includes the construction of bridges and roads etc. North American Industry Classification System Production responsibilities for establishments in this sector are usually specified in (1) contracts with the owners of construction projects (prime contracts) or (2) contracts with other construction establishments (subcontracts). The four major types of construction include residential building, institutional and commercial building, specialized industrial construction, infrastructure and heavy construction. Thus, construction companies that fall under the mentioned category could be … The Global Industry Classification Standard (GICS) is an industry taxonomy developed in 1999 by MSCI and Standard & Poor's (S&P) for use by the global financial community. You might find yourself: Each sector has its own merits with a varied and rewarding range of work projects. This list also accounts for “Construction of Buildings” (NAICS 236XXX), Heavy & Civil Construction (NAICS 237XXX), and “Specialty Trade Contractors” (NAICS 238XXX).