I actually have some pretty set rules for construction time, as my players have massive shipyards over their main colony (Size 10 colony with two support upgrades devoted to the shipyard, with two more support upgrades on other colonies supplying components). They primarily build transports and raiders, while refiting larger hulks. For this I use a formula based on SP cost of the final vessel. The idea being that more complex ships require more time to construct. I then multipy SP by the following modifiers:
Transport 1 Month
Raider 2 Months
Frigate 3 Months
Light Cruiser 6 Months
Cruiser 1 year
This gives a 3 year build time for well equiped Vagabond Transport, 6-8 year build times for Hazeroth Raiders, and a little less than a century for a well built Cruiser. I allow up to 8 'yards' of construction to be in use at once per size 10 Colony Shipyard Upgrade, with a Transport taking 2 'yards' and a Cruiser taking 8 'yards'. This means that the players can have several smaller ships under construction or a single larger ship. So far it has worked for my game.