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United States (US) Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027

Best Price Guarantee Length Publisher Published Date SKU
from $1,495 82 Pages GlobalData September, 2023 GBDT18294998
Best Price Guarantee
Price from $1,495
Length 82 Pages
Publisher GlobalData
Published Date September, 2023
SKU GBDT18294998

United States (US) Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027


Summary

GlobalData expects the US construction industry to contract by 3.1% in 2023, owing mainly to the contraction in residential construction caused by high interest rates, labor shortages, and weak consumer demand. According to the US Census Bureau, new housing starts fell for the 16th month in a row in August 2023, falling cumulatively by 12.5% in the first eight months of 2023, preceded by an annual decline of 3% in 2022. However, non-residential construction is improving from a weak position, driven by investments from major fiscal stimulus packages including the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act of 2022 (IRA), and the CHIPS and Science Act. Manufacturing has been one of the most prominent sectors in terms of growth this year, attracting $511 billion in private investment as of the end of August 2023 through the Manufacturing the Future programme.

The industry's output is expected to grow at a 4.4% annual average growth rate between 2024 and 2027, supported by investment in the energy, transportation, housing, and manufacturing sectors. As part of the IRA, the government allocated $369 billion to energy security and climate change mitigation programmes, with the goal of increasing the US's efforts to reduce emissions by 40% below 2005 levels by 2030. Furthermore, the White House reported in May 2023 that the Department of Transportation received the highest investments and projects under the IIJA between November 2021 and May 2023, including $9.9 billion for the development of 4,600 bridges and 69,000 miles of road repairs, $9 billion for Northeast Corridor rail projects, $4.6 billion to expand rail service outside of the Northeast Corridor, and $4.3 billion to upgrade tracks and rail infrastructure.

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.


    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 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 Construction in Key US States
    5.1 California
    Outlook
    Latest news and developments
    5.2 Florida
    Outlook
    Latest news and developments
    5.3 Texas
    Outlook
    Latest news and developments
    5.4 New York
    Outlook
    Latest news and developments
    5.5 Pennsylvania
    Outlook
    Latest news and developments
    5.6 Georgia
    Outlook
    Latest news and developments
    5.7 Illinois
    Outlook
    Latest news and developments
    5.8 Ohio
    Outlook
    Latest news and developments
    5.9 Washington
    Outlook
    Latest news and developments
    5.1 North Carolina
    Outlook
    Latest news and developments
    6 Key Industry Participants
    6.1 Contractors
    6.2 Consultants
    7 Construction Market Data
    8 Appendix
    8.1 What is this Report About?
    8.2 Definitions
    8.3 CRI Methodology
    9 About GlobalData
    "
    1 About GlobalData
    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), 2018–27
    Table 4: The US, Top Commercial Construction Projects by Value
    Table 5: The US, Industrial Construction Output by Project Type (Real % Change), 2018–27
    Table 6: The US, Top Industrial Construction Projects by Value
    Table 7: The US, Infrastructure Construction Output by Project Type (Real % Change), 2018–27
    Table 8: The US, Top Infrastructure Construction Projects by Value
    Table 9: The US, Energy and Utilities Construction Output by Project Type (Real % Change), 2018–27
    Table 10: The US, Top Energy and Utilities Construction Projects by Value
    Table 11: The US, Institutional Construction Output by Project Type (Real % Change), 2018–27
    Table 12: The US, Top Institutional Construction Projects by Value
    Table 13: The US, Residential Construction Output by Project Type (Real % Change), 2018–27
    Table 14: The US, Top Residential Construction Projects by Value
    Table 15: California, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 16: California, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 17: California, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–27
    Table 18: Florida, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 19: Florida, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 20: Florida, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–27
    Table 21: Texas, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 22: Texas, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 23: Texas, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–27
    Table 24: New York, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 25: New York, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 26: New York, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–27
    Table 27: Pennsylvania, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 28: Pennsylvania, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 29: Pennsylvania, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–27
    Table 30: Georgia, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 31: Georgia, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 32: Georgia, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–27
    Table 33: Illinois, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 34: Illinois, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 35: Illinois, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–22
    Table 36: Ohio, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 37: Ohio, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 38: Ohio, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–22
    Table 39: Washington, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 40: Washington, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 41: Washington, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–22
    Table 42: North Carolina, Construction Output by Sector (Nominal $ Billion), 2018–27
    Table 43: North Carolina, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018–27
    Table 44: North Carolina, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018–22
    Table 45: The US, Key Contractors
    Table 46: The US, Key Consultants
    Table 47: The US, Construction Output Value (Real, $ Billion)
    Table 48: The US, Construction Output Value (Nominal, $ Billion)
    Table 49: GlobalData Construction Market Definitions
    Table 50: Risk Dimensions
    Table 51: Ratings, Scores and Definitions
    List of Figures
    Figure 1: Latin America, Construction Output (Real % Change), 2021–27
    Figure 2: The US, Construction Output by Sector (Real % Change), 2021–23 and 2024–27
    Figure 3: The US, Risk Summary
    Figure 4: The US, Risk Regional Comparison
    Figure 5: The US, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018–27
    Figure 6: The US, Construction Output Value, by Sector (Real, $ Million), 2018–27
    Figure 7: The US, Value of Construction Put in Place ($ Billion, Nominal Seasonally Adjusted), Y-o-Y % Change
    Figure 8: The US, Number of People Employed in the Construction Industry, In Thousands
    Figure 9: The US, Construction Projects Momentum Index
    Figure 10: North America, Construction Projects Momentum Index
    Figure 11: The US, Commercial Construction Output by Project Type (Real, $ Million), 2018–27
    Figure 12: The US, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
    Figure 13: The US, Value of Lodging, Office, and Commercial Construction Put in Place ($ Billion, Nominal), Y-o-Y % Change
    Figure 14: The US, Total International Visitor Arrivals, In Thousands
    Figure 15: The US, Total Retail Sales Value (In $ Billion, Seasonally Adjusted, in Nominal Terms)
    Figure 16: The US, Industrial Construction Output by Project Type (Real, $ Million), 2018–27
    Figure 17: The US, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
    Figure 18: The US, Total Manufacturing Construction Put in Place ($ Million, Nominal)
    Figure 19: The US, Industrial and Manufacturing Production Indices (2017=100, Seasonally Adjusted)
    Figure 20: The US, Total Exports ($ Billion, Seasonally Adjusted)
    Figure 21: The US, Total Manufacturing New Order Value ($ Billion, Seasonally Adjusted)
    Figure 22: The US, Infrastructure Construction Output by Project Type (Real, $ Million), 2018–27
    Figure 23: The US, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
    Figure 24: The US, Total Transportation Construction Put in Place ($ Million, Nominal), YoY % Change
    Figure 25: The US, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018–27
    Figure 26: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
    Figure 27: The US, Total Power Construction Put in Place ($ Million, Nominal)
    Figure 28: The US, Construction Put in Place on Water Supply and Sewage and Waste Disposal Infrastructure ($ Million, Nominal)
    Figure 29: The US, Total Communication Construction Put in Place ($ Million, Nominal)
    Figure 30: The US, Institutional Construction Output by Project Type (Real, $ Million), 2018–27
    Figure 31: The US, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
    Figure 32: The US, Total Educational, Healthcare, Public Safety, and Religious Buildings Construction Value Put in Place ($ Billion, Nominal)
    Figure 33: The US, Residential Construction Output by Project Type (Real, $ Million), 2018–27
    Figure 34: The US, Residential Construction Projects Pipeline, Value by Stage ($ Million)
    Figure 35: The US, Total Residential Construction Value Put in Place ($ Million, Seasonally Adjusted)
    Figure 36: The US, Total New Housing Units Permit Authorized (Seasonally Adjusted, In Thousand)
    Figure 37: The US, Housing Starts (Unadjusted), In Thousands
    Figure 38: The US, New Home Sales, in Thousands, In Seasonally-Adjusted Annual Rate
    Figure 39: The US, Price Index of New Single-Family Houses Under Construction (2005=100)
    Figure 40: California, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 41: California, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 42: California, Construction Employment
    Figure 43: Florida, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 44: Florida, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 45: Florida, Construction Employment
    Figure 46: Texas, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 47: Texas, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 48: Texas, Construction Employment
    Figure 49: New York, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 50: New York, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 51: New York, Construction Employment
    Figure 52: Pennsylvania, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 53: Pennsylvania, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 54: Pennsylvania, Construction Employment
    Figure 55: Georgia, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 56: Georgia, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 57: Georgia, Construction Employment
    Figure 58: Illinois, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 59: Illinois, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 60: Illinois, Construction Employment
    Figure 61: Ohio, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 62: Ohio, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 63: Ohio, Construction Employment
    Figure 64: Washington, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 65: Washington, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 66: Washington, Construction Employment
    Figure 67: North Carolina, Construction Output Value (Real, $ Billion, 2017 Prices), 2018–27
    Figure 68: North Carolina, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
    Figure 69: North Carolina, Construction Employment
    Figure 70: The US, Headquarters of Key Contractors (% of Total Project Pipeline)
    Figure 71: The US, Headquarters of Key Consultants (% of Total Project Pipeline)

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