U.S. Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2030

U.S. Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2030

The U.S. Construction Market size was valued at USD 1.77 trillion in 2023, and is predicted to reach USD 2.52 trillion by 2030, at a CAGR of 4.0% from 2024 to 2030.

The construction sector in this country is experiencing substantial growth, primarily driven by a surge in large-scale project investments and infrastructure development. Notable megaprojects in 2023 included the Southeast Connector Project in the Dallas-Fort Worth area, the Madison Square Garden Sphere in Las Vegas, the Gordie Howe International Bridge in Detroit, the American Legion Bridge Replacement in Bethesda, the Related Santa Clara Project in Santa Clara, the Hudson Tunnel Project in New York City, and the JFK Airport Expansion in New York City. These significant projects are crucial in expanding the country's construction market.

However, the construction industry faces substantial obstacles due to the intricate nature of government regulations and permitting processes, typically require various permits and approvals from local, regional, and national authorities. These permits may involve zoning regulations, environmental assessments, building code compliance, safety standards, and other regulatory requirements. Delays in obtaining permits, bureaucratic inefficiencies, and inconsistencies in regulations across jurisdictions can significantly extend project timelines and escalate costs. Additionally, fluctuations in regulations or unforeseen policy changes can disrupt ongoing projects and disincentivize future investments. For instance, the United States Environmental Protection Agency (EPA) regulates various aspects of the construction sector, including air, lead, waste, and water regulations. The EPA's compliance assistance centers provide resources for managing environmental responsibilities during demolition, reducing and recycling construction and demolition materials, and disposing of refrigeration and air-conditioning equipment.

On the other hand, digital transformation and the adoption of Building Information Modeling (BIM) are revolutionizing the construction sector by incorporating cutting-edge technologies to enhance efficiency, precision, and collaboration across various projects. BIM, a sophisticated 3D modeling tool, enables stakeholders to generate and manage digital representations of structures and infrastructure, improving coordination and communication among project teams. For instance, in September 2022, the National Institute of Building Sciences (NIBS) launched the U.S. National Building Information Management (BIM) Program to transform the construction industry and achieve a new level of industrial efficiency through digitalization. This program aims to address the low level of digitalization in the U.S. construction industry, hinders the transformation of lifecycle work processes to become more efficient, cost-effective, resilient, and safer to build and maintain.

KEY BENEFITS

The U.S. construction industry is segmented based on type, and sector.
Based on type, the market is segmented renovation and new construction.
Based on sector, the market is divided into real estate, infrastructure, and industrial.

Key Market Players

Leading players operating in the U.S. construction industry include:
• China State Construction Engineering Corp. Ltd. (CSCEC)
• China Railway Group Ltd. (CREC)
• China Railway Construction Corp. Ltd. (CRCC)
• China Communications Construction Group Ltd. (CCCC)
• Metallurgical Corporation of China Ltd. (MCC)
• Power Construction Corp. of China
• Vinci SA
• China Energy Engineering Corp. (CEEC)
• Shanghai Construction Group (SCG)
• Bouygues Group

 KEY BENEFITS
• The U.S. construction market report provides a quantitative analysis of the current market and estimations through 2024-2030 that assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
• The competitive analysis of the market players along with their market share in the U.S. construction market.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.