United States (US) Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecasts, 2022-2026
Summary
The construction industry in the US is expected to contract by 7% in 2022, following a 1.0% increase in 2021. GlobalData has revised down estimated growth in 2022 due to the much weaker-than-expected performance in Q3 2022, when the industry's gross output in real terms fell by 9.6% year on year (YoY), following contractions of 8.5% and 6.5% in Q2 and Q1 2022, respectively. In the first nine months of 2022, the industry's output fell by 8.2% YoY, compared to a 1% increase in 2021. Price pressures, interest rate hikes, and supply chain issues have all weighed heavily on US construction output, causing delays and cost increases. Inflationary pressures continue to exceed expectations; the Consumer Price Index (CPI) stabilized at 7.1% in November 2022, marking the eleventh month above 7% and peaking above 8% from March to September 2022. Also, residential construction is expected to struggle significantly in the medium term, before recovering in the latter part of the forecast period (2025-2026).
The industry is expected to grow at a 3.7% annual average growth rate from 2023 to 2026, aided by investment in the transportation, electricity, housing, and manufacturing sectors. DOT announced more than $703 million in funding for 41 projects in 22 states and one territory to improve port facilities through the Maritime Administration's Port Infrastructure Development Program in October 2022. Earlier, the Biden administration signed two major bills into law recently - the Inflation Reduction Act (IRA) and the CHIPS and Science Act - both aimed at changing the structure of the US economy and making the US more competitive by driving investment into green technology, such as electric vehicle manufacturing and technology production.
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.
This report provides a comprehensive analysis of the construction industry in the US. It provides -
- Historical (2017-2021) and forecast (2022-2026) 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
- 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.
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 COVID-19 Status
- 3.5 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 7.4 GlobalData Construction
- Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: The US, Key Economic Indicators
- Table 3: The US, Commercial Construction Output by Project Type (Real % Change), 2017-26
- Table 4: The US, Top Commercial Construction Projects by Value
- Table 5: The US, Industrial Construction Output by Project Type (Real % Change), 2017-26
- Table 6: The US, Top Industrial Construction Projects by Value
- Table 7: The US, Infrastructure Construction Output by Project Type (Real % Change), 2017-26
- Table 8: The US, Top Infrastructure Construction Projects by Value
- Table 9: The US, Energy and Utilities Construction Output by Project Type (Real % Change), 2017-26
- Table 10: The US, Top Energy and Utilities Construction Projects by Value
- Table 11: The US, Institutional Construction Output by Project Type (Real % Change), 2017-26
- Table 12: The US, Top Institutional Construction Projects by Value
- Table 13: The US, Residential Construction Output by Project Type (Real % Change), 2017-26
- Table 14: The US, Top Residential Construction Projects by Value
- Table 15: the US, Key Contractors
- Table 16: the US, Key Consultants
- Table 17: the US, Construction Output Value (Real, $ Billion)
- Table 18: the US, Construction Output Value (Nominal, $ Billion)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: North America, Construction Output (Real % Change), 2020-26
- Figure 2: The US, Construction Output by Sector (Real % Change), 2020-22 and 2023-26
- Figure 3: The US, COVID-19 Confirmed Cases
- Figure 4: The US, Risk Summary
- Figure 5: The US, Risk Regional Comparison
- Figure 6: The US, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2017-26
- Figure 7: The US, Construction Output Value, by Sector (Real, $ Million), 2017-26
- Figure 8: The US, Value of Construction Put in Place ($ Billion, Nominal Seasonally Adjusted), Y-o-Y % Change
- Figure 9: The US, Real Gross Output of the Construction Industry, in 2012 Chained Prices, In $ Billion, Seasonally Adjusted at Annual Rates
- Figure 10: The US, Number of People Employed in the Construction Industry, In Thousands
- Figure 11: The US, Construction Projects Momentum Index
- Figure 12: Region, Construction Projects Momentum Index
- Figure 13: The US, Commercial Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 14: The US, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 15: The US, Value of Lodging, Office, and Commercial Construction Put in Place ($ Billion, Nominal), Y-o-Y % Change
- Figure 16: The US, Total International Visitor Arrivals, In Thousands
- Figure 17: The US, Total Retail Sales Value (In $ Billion, Seasonally Adjusted)
- Figure 18: The US, Industrial Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 19: The US, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 20: The US, Total Manufacturing Construction Put in Place ($ Million, Nominal)
- Figure 21: The US, Industrial and Manufacturing Production Indices (2017=100, Seasonally Adjusted)
- Figure 22: The US, Total Exports ($ Billion, Seasonally Adjusted)
- Figure 23: The US, Total Manufacturing New Order Value ($ Billion, Seasonally Adjusted)
- Figure 24: The US, Infrastructure Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 25: The US, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 26: The US, Total Transportation Construction Put in Place ($ Million, Nominal), Y-o -Y % Change
- Figure 27: The US, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 28: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 29: The US, Total Power Construction Put in Place ($ Million, Nominal)
- Figure 30: The US, Construction Put in Place on Water Supply and Sewage and Waste Disposal Infrastructure ($ Million, Nominal)
- Figure 31: The US, Total Communication Construction Put in Place ($ Million, Nominal)
- Figure 32: The US, Institutional Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 33: The US, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 34: The US, Total Educational, Healthcare, Public Safety, and Religious Buildings Construction Value Put in Place ($ Billion, Nominal)
- Figure 35: The US, Residential Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 36: The US, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 37: The US, Total Residential Construction Value Put in Place ($ Million, Non-Seasonally Adjusted)
- Figure 38: The US, Total New Housing Units Permit Authorized (Seasonally Adjusted, In Thousand)
- Figure 39: The US, Housing Starts (Unadjusted), In Thousands
- Figure 40: The US, New Home Sales, in Thousands, In Seasonally-Adjusted Annual Rate
- Figure 41: The US, Price Index of New Single-Family Houses Under Construction (2005=100)
- Figure 42: the US, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 43: the US, Headquarters of Key Consultants (% of Total Project Pipeline)
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