ETL (Extract, Transform, Load) typically consumes 60-70% of a data warehousing project's time and resources. This phase involves extracting data from multiple source systems, transforming it (cleaning, standardizing, calculating), and loading it into the warehouse. The complexity comes from diverse source systems, data quality issues, business logic implementation, and ongoing maintenance. Requirements gathering is important but less time-consuming. Design and testing, while critical, don't match ETL's volume.