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Construction in the US - Key Trends and Opportunities to 2023
Summary
Following weak growth in 2017, construction growth in the US accelerated in 2018, owed in part to corporate tax cuts and increased infrastructure investment by state and local governments. As a result, the country’s construction industry grew by 2.2% in real terms in 2018, compared to 0.4% in 2017. However, growth is projected to decelerate this year to 0.5% in 2019, largely due to a decline in residential investment and heightened policy uncertainty from the recent escalation of the US trade war with China, which is weighing on business sentiment and holding back investment in major construction projects.
On 1st August, President Donald Trump announced that he would impose a new 10% tariff on a further US$300 billion of imported Chinese goods, ranging from clothes to smartphones, marking a sharp escalation of the ongoing trade war between the two countries. This new round of tariffs is in addition to the current tariffs of 25% on US$250 billion of Chinese imports. Already, construction companies across the country are shifting supply chains and delaying capital expenditure as a result of the previous US tariff increases on Chinese products and foreign metals. This latest announcement of tariffs on Chinese imports, together with the effects of previous tariffs, will further undermine business confidence, and likely lead to weaker construction growth.
Activity in the US residential construction market - which accounts for almost 42% of the industry’s total value - softened significantly in 2018, and has since struggled to gain traction, with construction put in place contracting by an average of 8.2% (in seasonally adjusted annual rates) in the first six months of 2019, according to the US Census Bureau. Growth is expected to recover to a compound annual growth rate (CAGR) of 1.1% over the remainder of the forecast period, supported by rising investments in infrastructure and energy and utilities projects.
The total construction project pipeline in the US including all mega projects with a value above US$25 million - stands at US$852.2 billion. The pipeline, which includes all projects from pre-planning to execution, is relatively skewed towards late stage projects, with 58.7% of the pipeline value being in projects in the pre-execution and execution stages as of October 2019.
Scope
This report provides a comprehensive analysis of the construction industry in the US. It provides -
Summary
Following weak growth in 2017, construction growth in the US accelerated in 2018, owed in part to corporate tax cuts and increased infrastructure investment by state and local governments. As a result, the country’s construction industry grew by 2.2% in real terms in 2018, compared to 0.4% in 2017. However, growth is projected to decelerate this year to 0.5% in 2019, largely due to a decline in residential investment and heightened policy uncertainty from the recent escalation of the US trade war with China, which is weighing on business sentiment and holding back investment in major construction projects.
On 1st August, President Donald Trump announced that he would impose a new 10% tariff on a further US$300 billion of imported Chinese goods, ranging from clothes to smartphones, marking a sharp escalation of the ongoing trade war between the two countries. This new round of tariffs is in addition to the current tariffs of 25% on US$250 billion of Chinese imports. Already, construction companies across the country are shifting supply chains and delaying capital expenditure as a result of the previous US tariff increases on Chinese products and foreign metals. This latest announcement of tariffs on Chinese imports, together with the effects of previous tariffs, will further undermine business confidence, and likely lead to weaker construction growth.
Activity in the US residential construction market - which accounts for almost 42% of the industry’s total value - softened significantly in 2018, and has since struggled to gain traction, with construction put in place contracting by an average of 8.2% (in seasonally adjusted annual rates) in the first six months of 2019, according to the US Census Bureau. Growth is expected to recover to a compound annual growth rate (CAGR) of 1.1% over the remainder of the forecast period, supported by rising investments in infrastructure and energy and utilities projects.
The total construction project pipeline in the US including all mega projects with a value above US$25 million - stands at US$852.2 billion. The pipeline, which includes all projects from pre-planning to execution, is relatively skewed towards late stage projects, with 58.7% of the pipeline value being in projects in the pre-execution and execution stages as of October 2019.
Scope
This report provides a comprehensive analysis of the construction industry in the US. It provides -
- Historical (2014-2018) and forecast (2019-2023) 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 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 critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Note: Product cover images may vary from those shown
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1 Executive Summary
2 Construction Outlook: At-A-Glance
3 Latest News And Indicators
4 Key Drivers And Risks
4.1. Economic Performance
4.2. Political Environment
4.3. Demographics
4.4. Risk Profile
5 Construction Outlook
5.1. All Construction
5.1.1. Outlook
5.1.2. Project analytics
5.2. Commercial Construction
5.2.1. Outlook
5.2.2. Project analytics
5.3. Industrial Construction
5.3.1. Outlook
5.3.2. Project analytics
5.4. Infrastructure Construction
5.4.1. Outlook
5.4.2. Project analytics
5.5. Energy and Utilities Construction
5.5.1. Outlook
5.5.2. Project analytics
5.6. Institutional Construction
5.6.1. Outlook
5.6.2. Project analytics
5.7. Residential Construction
5.7.1. Outlook
5.7.2. Project analytics
6 Key Industry Participants
6.1. Contractors
6.2. Consultants
7 Appendix
7.1. What is this Report About?
7.2. Definitions
8 About The Author
8.1. At a Glance
8.2. Construction
8.3. Disclaimer
8.4. Contact Us
List of Tables
Table 1: Construction Outlook
Table 2: The US, Key Economic Indicators
Table 3: The US, Construction Output Value (nominal, US$ Million)
Table 4: The US, Top Commercial Construction Projects by Value
Table 5: The US, Top Industrial Construction Projects by Value
Table 6: The US, Top Infrastructure Construction Projects by Value
Table 7: The US, Top Energy and Utilities Construction Projects by Value
Table 8: The US, Top Institutional Construction Projects by Value
Table 9: The US, Top Residential and Mixed-Use Construction Projects by Value
Table 10: The US, Key Contractors
Table 11: The US, Key Consultants
Table 12: Construction Market Definitions
Table 13: Construction Risk Index Ratings and Scores
List of Figures
Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix
Figure 2: The US, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: The US, Total New Housing Units Permit Authorized (Numbers)
Figure 4: The US, New Housing Units Started (Total Numbers)
Figure 5: The US, Housing Price Index
Figure 6: The US, Risk Profile
Figure 7: The US, Risk Comparison
Figure 8: The US, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate)
Figure 9: The US, Construction Output Value, Growth Matrix
Figure 10: The US, Construction Output Value, by Sector (US$ Million), 2014-2023
Figure 11: The US, Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 12: The US, Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 13: The US, Commercial Construction Output by Project Type (US$ Million), 2014-2023
Figure 14: The US, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 15: The US, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 16: The US, Industrial Construction Output by Project Type (US$ Million), 2014-2023
Figure 17: The US, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 18: The US, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 19: The US, Infrastructure Construction Output by Project Type (US$ Million), 2014-2023
Figure 20: The US, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 21: The US, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 22: The US, Energy and Utilities Construction Output by Project Type (US$ Million), 2014-2023
Figure 23: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 24: The US, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 25: The US, Institutional Construction Output by Project Type (US$ Million), 2014-2023 37
Figure 26: The US, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 27: The US, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 28: The US, Residential Construction Output by Project Type (US$ Million), 2014-2023
Figure 29: The US, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 30: The US, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 31: The US, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 32: The US, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)
Figure 33: The US, Headquarters of Key Consultants (% of Total Project Pipeline)
Figure 34: The US, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)
2 Construction Outlook: At-A-Glance
3 Latest News And Indicators
4 Key Drivers And Risks
4.1. Economic Performance
4.2. Political Environment
4.3. Demographics
4.4. Risk Profile
5 Construction Outlook
5.1. All Construction
5.1.1. Outlook
5.1.2. Project analytics
5.2. Commercial Construction
5.2.1. Outlook
5.2.2. Project analytics
5.3. Industrial Construction
5.3.1. Outlook
5.3.2. Project analytics
5.4. Infrastructure Construction
5.4.1. Outlook
5.4.2. Project analytics
5.5. Energy and Utilities Construction
5.5.1. Outlook
5.5.2. Project analytics
5.6. Institutional Construction
5.6.1. Outlook
5.6.2. Project analytics
5.7. Residential Construction
5.7.1. Outlook
5.7.2. Project analytics
6 Key Industry Participants
6.1. Contractors
6.2. Consultants
7 Appendix
7.1. What is this Report About?
7.2. Definitions
8 About The Author
8.1. At a Glance
8.2. Construction
8.3. Disclaimer
8.4. Contact Us
List of Tables
Table 1: Construction Outlook
Table 2: The US, Key Economic Indicators
Table 3: The US, Construction Output Value (nominal, US$ Million)
Table 4: The US, Top Commercial Construction Projects by Value
Table 5: The US, Top Industrial Construction Projects by Value
Table 6: The US, Top Infrastructure Construction Projects by Value
Table 7: The US, Top Energy and Utilities Construction Projects by Value
Table 8: The US, Top Institutional Construction Projects by Value
Table 9: The US, Top Residential and Mixed-Use Construction Projects by Value
Table 10: The US, Key Contractors
Table 11: The US, Key Consultants
Table 12: Construction Market Definitions
Table 13: Construction Risk Index Ratings and Scores
List of Figures
Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix
Figure 2: The US, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: The US, Total New Housing Units Permit Authorized (Numbers)
Figure 4: The US, New Housing Units Started (Total Numbers)
Figure 5: The US, Housing Price Index
Figure 6: The US, Risk Profile
Figure 7: The US, Risk Comparison
Figure 8: The US, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate)
Figure 9: The US, Construction Output Value, Growth Matrix
Figure 10: The US, Construction Output Value, by Sector (US$ Million), 2014-2023
Figure 11: The US, Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 12: The US, Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 13: The US, Commercial Construction Output by Project Type (US$ Million), 2014-2023
Figure 14: The US, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 15: The US, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 16: The US, Industrial Construction Output by Project Type (US$ Million), 2014-2023
Figure 17: The US, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 18: The US, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 19: The US, Infrastructure Construction Output by Project Type (US$ Million), 2014-2023
Figure 20: The US, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 21: The US, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 22: The US, Energy and Utilities Construction Output by Project Type (US$ Million), 2014-2023
Figure 23: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 24: The US, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 25: The US, Institutional Construction Output by Project Type (US$ Million), 2014-2023 37
Figure 26: The US, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 27: The US, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 28: The US, Residential Construction Output by Project Type (US$ Million), 2014-2023
Figure 29: The US, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 30: The US, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (US$ Million), 2018-2023
Figure 31: The US, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 32: The US, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)
Figure 33: The US, Headquarters of Key Consultants (% of Total Project Pipeline)
Figure 34: The US, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)
Note: Product cover images may vary from those shown
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