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The North America Heavy Construction Sectors : A Company and Industry Analysis (August 2004)
Mergent, Aug 2004
Current Environment - Key Points
- Prices for many construction materials have risen significantly since Q3 2003; shortages of steel are causing delays in construction projects
- Non-residential construction is in for a robust recovery driven by increased consumer spending
- In 2003, the combined total of the top ten reconstruction projects in Iraq was worth $6,893,889,418 - Merger and acquisition activity has begun to show new life, with leading companies looking for ways to expand operations
- The housing market in Canada remains strong while its non-residential market continues to under- perform
- Canadian construction industry earnings in the first half of 2004 on average fared better compared with the first half of 2003, affected by increased public spending and a growing number of construction projects
Industry Profile - Key Points
- The average annual domestic construction volume in the US is between $330 billion and $390 billion, or 25% of the world total, according to the US Department of Commerce
- Automotive giant Toyota's move to set up a plant in San Antonio has spurred other Japanese companies to build their manufacturing facilities in the same region
- The industry is plagued with corruption; companies avoid debarment by paying penalty fees
- Smaller construction companies are reluctant to invest in technology, due to their inability to mobilize sufficient resources
- The US Environmental Agency (EPA) has concluded that mold has not been singled out as a cause of illness
- Non-residential construction in Canada accounts for 65% of the whole construction sector output in a typical year
- Several new massive construction projects announced in 2003 will provide substantial economic stimulus in Canada over the next decade
- Both federal and provincial governments in Canada are heavily involved in the funding of infrastructure development
Market Trends and Outlook - Key Points
- The industry continues to build more educational facilities, despite reduced public spending
- Last year, US construction exports rose 7.44% after dropping 12.75% in 2002 and 5.9% in 2001
- Research studies have found that the use of lighting automation is growing in popularity
- The construction industry is seeing inflation in materials prices
- Industry experts expect to see a rebound in the non-residential sector, especially in the commercial market
- A green roof can reduce environmental impact while providing a number of long-term cost savings
- Demand for construction materials is likely to increase due to the rapid growth in Canada's construction industry - Employment in Canada's construction sector grew by 20,000 in May 2004
- Canadian companies are building and expanding their pipeline infrastructure to accommodate the increase in demand for the nation's oil and gas supplies
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