United States Construction Market Report and Forecast 2024-2032

United States Construction Market Report and Forecast 2024-2032

United States Construction Market Report and Forecast 2024-2032

Market outlook

According to the report by Expert Market Research (EMR), the United States construction market size reached a value of USD 1.90 trillion in 2023. Aided by the increasing demand for residential, commercial, and infrastructure projects, the market is projected to further grow at a CAGR of 4.4% between 2024 and 2032 to reach a value of USD 2.80 trillion by 2032.

The construction sector encompasses a broad range of activities, including residential, commercial, and infrastructure development. This sector is crucial for the economic growth and development of the United States, providing employment opportunities and contributing significantly to the GDP. The key benefits of the market include economic stimulation, infrastructure development, and improvement in the quality of life.

The increasing demand for residential construction is driving the United States construction market growth. With a growing population and urbanisation, there has been a significant rise in the need for housing, leading to an upsurge in residential construction projects. Additionally, the rising trend of home renovation and remodelling has further contributed to the increasing demand for construction services.

The expanding applications of construction in various sectors also play a significant role in propelling the market. In the commercial sector, the construction of office spaces, retail outlets, and entertainment facilities is on the rise, driven by economic growth and business expansion. In the infrastructure sector, significant investments are being made in the development of transportation, energy, and water infrastructure, supporting the overall growth of the construction market.

Further, the growing focus on sustainable and green building practices has led to an increased demand for eco-friendly construction materials and technologies. With advancements in construction techniques and materials, modern construction projects are designed to be more energy-efficient and environmentally friendly, reducing their overall carbon footprint. The focus on sustainable and green building practices is a significant driver of the construction market. Modern construction projects are increasingly designed to be energy-efficient and environmentally friendly, using sustainable materials and technologies. This shift towards green building practices is driven by regulatory requirements, consumer preferences, and the need to reduce environmental impact. This trend is expected to boost the United States construction market share.

Advancements in construction technology have greatly improved the efficiency and quality of construction projects. Innovations such as Building Information Modelling (BIM), prefabrication, and the use of drones and robotics in construction have enhanced project planning, execution, and monitoring. These technological improvements have helped to overcome many of the challenges associated with traditional construction methods and have positioned the industry for future growth.

Residential Construction includes the construction of new homes, apartments, and residential communities. The demand for residential construction is driven by population growth, urbanization, and the need for affordable housing. Commercial Construction encompasses the construction of office buildings, retail spaces, hotels, and entertainment facilities. Economic growth and business expansion are key drivers of commercial construction. Infrastructure Construction includes the construction of transportation, energy, and water infrastructure. Significant investments in infrastructure development are driving the demand for construction services in this segment.

As per the United States construction market analysis, the South region including Southeast and Southwest is experiencing significant population growth and economic development, leading to increased demand for residential, commercial, and infrastructure construction. The warm climate and high population density further drive the need for construction services. The region's focus on urbanisation and infrastructure development supports the growth of the construction market in the South.

Market Segmentation

The market can be divided based on construction type, end use, and region

Market Breakup by Construction Type

• Demolition and New Constructions
• Additions

Market Breakup by End Use

• Commercial Construction
• Residential Construction
• Industrial Construction
• Energy and Utilities Construction
• Others

Market Breakup by Region

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

Competitive landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in United States construction market. some of the major players explored in the report by expert market research are as follows:

• Hensel Phelps Construction Company
• Lennar Corporation
• Kiewit Corporation
• D.R. Horton, Inc.
• Tutor Perini Corporation
• PCL Constructors Inc.
• Kajima Corporation
• Hochtief AG
• Pultegroup, Inc.
• NVR, Inc. (Ryan Homes)
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.