United States of America (USA) Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2023-2027

United States of America (USA) Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2023-2027

Summary

The construction industry in the US is expected to grow only by 1% in real terms in 2023, performing better than previously anticipated, with a pickup in construction recorded in recent months. High interest rates have dampened overall investment growth, particularly in the residential sector, but construction in the infrastructure, energy and utilities, and industrial sectors has been buoyant. Government spending and fiscal incentives schemes have been a key factor in supporting construction activity, with the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act of 2022 (IRA), and the CHIPS and Science Act. As of mid-December 2023, the government had announced $256.2 billion in transport development projects, including roads, bridges, public transport, ports, and airports. The outlook is fairly promising. Following growth of 2.7% in 2024, the industry's output is expected to grow at a 4% annual average rate in 2025-27, aided by investment in the energy, transportation, housing, and manufacturing sectors. In October 2023, the government announced $7 billion in IIJA funding to build seven regional hydrogen hubs across Appalachia, California, the Midwest, the Gulf Coast, the American heartland, the Mid-Atlantic, and the Pacific Northwest. In addition, in December 2023, the Federal Railroad Administration (FRA) announced that it had awarded $8.2 billion for ten passenger rail projects across the country, which will be diverted to ten projects in nine states that are ready for construction and 69 corridors in 44 states that have been identified for future development. Furthermore, the US Department of Energy (DOE) has set aside $3.5 billion for 58 projects spanning 44 states aimed at improving the resilience and reliability of the nation's electric grid by 2027.

The report provides detailed market analysis, information, and insights into the US construction industry, including -

• The US construction industry's growth prospects by market, project type and construction activity
• Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the US construction industry
• Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in the US. It provides -

• Historical (2018–2022) and forecast (2023–2027) valuations of the construction industry in the US, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
• Assess market growth potential at a micro-level with over 600 time-series data forecasts.
• Understand the latest industry and market trends.
• Formulate and validate strategy using GlobalData's critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.