Commercial Building Construction in the US - Industry Market Research Report

Commercial Building Construction in the US

Revenue for the industry has fallen over recent years as the COVID-19 pandemic put the brakes on growth, with industry revenue falling consistently since 2020. Decline continues with a 0.4% drop in 2023 alone, which is largely a result of rising interest rates limiting customers' access to capital. Prior to the pandemic, the Construction sector (IBISWorld report 23) trended upward, propelling industry revenue growth. Rising per capita disposable income facilitated consumers to spend more while falling unemployment, improving business sentiment and accommodative interest rates led many businesses to expand. The downturn in construction markets caused by the pandemic then negated previous revenue growth. Overall, industry revenue has fallen at a CAGR of 3.3% over the past five years to reach $230.7 billion in 2023.

This industry includes companies responsible for work on the construction of office, retail, hotel, agricultural and entertainment buildings, including new construction, additions, alterations, maintenance and repairs. Participants are general contractors or project managers. This industry excludes institutional buildings, such as hospitals and schools; heavy industrial buildings, such as factories and power plants; or infrastructure, such as communications towers or oil pipelines.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares."