The United States (US) and Key States Construction Market Size, Trends, and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028
Summary
GlobalData expects the US construction industry to grow by 1.5% in real terms in 2024, following an annual growth rate of 1% in 2023. Growth in the industry's output through 2024 will be driven by increased spending in the non-residential construction sectors, combined with increased investments in manufacturing and transportation projects. As of early February 2024, the White House reported that private companies had pledged to invest $642 billion as part of the Manufacturing the Future program, with an additional $285 billion announced for transportation investments under the Investing in America initiative.
Between 2025 and 2028, the industry's output is expected to grow at an annual average rate of 4.8%, strengthened by investments in the energy, transportation, housing, and manufacturing sectors. In October 2023, the government allocated $61 billion for 12 infrastructure programmes to support investment in critical infrastructure such as roads, bridges, and tunnels that will benefit all 50 states. In addition, in September 2023, it opened applications for nearly $10 billion in funding for Financial Years (FY) 2023-26 (October 2023 to September 2026) under the competitive Bridge Investment Program, known as Large Bridge Project.
GlobalData’s Construction in the US and Key States – Key Trends and Opportunities to 2028 (Q1 2024) 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 (2019–2023) and forecast (2024–2028) 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 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
- 10 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), 2019–28
- Table 4: The US, Top Commercial Construction Projects by Value
- Table 5: The US, Industrial Construction Output by Project Type (Real % Change), 2019–28
- Table 6: The US, Top Industrial Construction Projects by Value
- Table 7: The US, Infrastructure Construction Output by Project Type (Real % Change), 2019–28
- Table 8: The US, Top Infrastructure Construction Projects by Value
- Table 9: The US, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28
- Table 10: The US, Top Energy and Utilities Construction Projects by Value
- Table 11: The US, Institutional Construction Output by Project Type (Real % Change), 2019–28
- Table 12: The US, Top Institutional Construction Projects by Value
- Table 13: The US, Residential Construction Output by Project Type (Real % Change), 2019–28
- Table 14: The US, Top Residential Construction Projects by Value
- Table 15: California, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 16: California, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28
- Table 17: Florida, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 18: Florida, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28
- Table 19: Texas, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 20: Texas, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28
- Table 21: New York, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 22: New York, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28
- Table 23: Pennsylvania, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 24: Pennsylvania, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28
- Table 25: Georgia, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 26: Georgia, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28
- Table 27: Illinois, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 28: Illinois, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2019–28
- Table 29: Ohio, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 30: Ohio, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28
- Table 31: Washington, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 32: Washington, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28
- Table 33: North Carolina, Construction Output by Sector (Nominal $ Billion), 2019–28
- Table 34: North Carolina, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28
- Table 35: The US, Key Contractors
- Table 36: The US, Key Consultants
- Table 37: The US, Construction Output Value (Real, $ Million)
- Table 38: The US, Construction Output Value (Nominal, $ Million)
- Table 39: GlobalData Construction Market Definitions
- Table 40: Risk Dimensions
- Table 41: Ratings, Scores and Definitions
- List of Figures
- Figure 1: North America, Construction Output (Real % Change), 2022–28
- Figure 2: The US, Construction Output by Sector (Real % Change), 2022–24 and 2025–28
- Figure 3: The US, Risk Summary
- Figure 4: The US, Risk Regional Comparison
- Figure 5: The US, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28
- Figure 6: The US, Construction Output Value, by Sector (Real, $ Million), 2019–28
- Figure 7: The US, Value of Construction Put in Place ($ Billion, Nominal Seasonally Adjusted), YoY % Change
- Figure 8: The US, Number of People Employed in the Construction Industry, In Thousands
- Figure 9: 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), 2019–28
- 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), YoY % Change
- Figure 14: The US, Total International Tourist Arrivals
- 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), 2019–28
- 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), 2019–28
- Figure 23: The US, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 24: The US, Total Transportation Construction Put in Place (US$ Million, Non-Seasonally Adjusted), YoY % Change
- Figure 25: The US, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 26: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 27: The US, Total Power Construction Put in Place (US$ Million, Non-Seasonally Adjusted)
- Figure 28: The US, Construction Put in Place on Water Supply and Sewage and Waste Disposal Infrastructure (US$ Million, Non-Seasonally Adjusted)
- Figure 29: The US, Total Communication Construction Put in Place (US$ Million, Non-Seasonally Adjusted)
- Figure 30: The US, Institutional Construction Output by Project Type (Real, $ Million), 2019–28
- 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 (US$ Billion, Seasonally Adjusted)
- Figure 33: The US, Residential Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 34: The US, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 35: The US, Total Residential Construction Value Put in Place (US$ Million, Non-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, 2022 Prices), 2019–28
- 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, 2022 Prices), 2019–28
- 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, 2022 Prices), 2019–28
- 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, 2022 Prices), 2019–28
- 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, 2022 Prices), 2019–28
- 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, 2022 Prices), 2019–28
- 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, 2022 Prices), 2019–28
- 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, 2022 Prices), 2019–28
- 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, 2022 Prices), 2019–28
- 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, 2022 Prices), 2019–28
- 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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