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United States of America (USA) Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2023-2027

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    Report

  • 84 Pages
  • December 2023
  • Region: United States
  • GlobalData
  • ID: 5782470
The construction industry in the US is expected to grow only by 1% in real terms in 2023, performing better than previously anticipated, with a pickup in construction recorded in recent months. High interest rates have dampened overall investment growth, particularly in the residential sector, but construction in the infrastructure, energy and utilities, and industrial sectors has been buoyant. Government spending and fiscal incentives schemes have been a key factor in supporting construction activity, with the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act of 2022 (IRA), and the CHIPS and Science Act. As of mid-December 2023, the government had announced $256.2 billion in transport development projects, including roads, bridges, public transport, ports, and airports. The outlook is fairly promising. Following growth of 2.7% in 2024, the industry's output is expected to grow at a 4% annual average rate in 2025-27, aided by investment in the energy, transportation, housing, and manufacturing sectors. In October 2023, the government announced $7 billion in IIJA funding to build seven regional hydrogen hubs across Appalachia, California, the Midwest, the Gulf Coast, the American heartland, the Mid-Atlantic, and the Pacific Northwest. In addition, in December 2023, the Federal Railroad Administration (FRA) announced that it had awarded $8.2 billion for ten passenger rail projects across the country, which will be diverted to ten projects in nine states that are ready for construction and 69 corridors in 44 states that have been identified for future development. Furthermore, the US Department of Energy (DOE) has set aside $3.5 billion for 58 projects spanning 44 states aimed at improving the resilience and reliability of the nation's electric grid by 2027.

The 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.

Scope

This report provides a comprehensive analysis of the construction industry in the US. It provides:
  • Historical (2018-2022) and forecast (2023-2027) 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

Reasons to Buy

  • Identify and evaluate market opportunities using the 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 the critical and actionable insight.
  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.

Table of Contents

1. Executive Summary2. 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
  • About the Publisher
  • Contact the Publisher
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), 2018 - 27
Table 4: The US, Top Commercial Construction Projects by Value
Table 5: The US, Industrial Construction Output by Project Type (Real % Change), 2018 - 27
Table 6: The US, Top Industrial Construction Projects by Value
Table 7: The US, Infrastructure Construction Output by Project Type (Real % Change), 2018 - 27
Table 8: The US, Top Infrastructure Construction Projects by Value
Table 9: The US, Energy and Utilities Construction Output by Project Type (Real % Change), 2018 - 27
Table 10: The US, Top Energy and Utilities Construction Projects by Value
Table 11: The US, Institutional Construction Output by Project Type (Real % Change), 2018 - 27
Table 12: The US, Top Institutional Construction Projects by Value
Table 13: The US, Residential Construction Output by Project Type (Real % Change), 2018 - 27
Table 14: The US, Top Residential Construction Projects by Value
Table 15: California, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 16: California, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 17: California, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 18: Florida, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 19: Florida, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 20: Florida, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 21: Texas, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 22: Texas, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 23: Texas, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 24: New York, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 25: New York, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 26: New York, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 27: Pennsylvania, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 28: Pennsylvania, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 29: Pennsylvania, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 30: Georgia, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 31: Georgia, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 32: Georgia, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 33: Illinois, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 34: Illinois, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 35: Illinois, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 36: Ohio, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 37: Ohio, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 38: Ohio, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 39: Washington, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 40: Washington, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 41: Washington, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 42: North Carolina, Construction Output by Sector (Nominal $ Billion), 2018 - 27
Table 43: North Carolina, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018 - 27
Table 44: North Carolina, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018 - 22
Table 45: The US, Key Contractors
Table 46: The US, Key Consultants
Table 47: The US, Construction Output Value (Real, $ Million)
Table 48: The US, Construction Output Value (Nominal, $ Million)
Table 49: The Construction Market Definitions
Table 50: Risk Dimensions
Table 51: Ratings, Scores and Definitions
List of Figures
Figure 1: North America, Construction Output (Real % Change), 2021 - 27
Figure 2: The US, Construction Output by Sector (Real % Change), 2021 - 23 and 2024 - 27
Figure 3: The US, Risk Summary
Figure 4: The US, Risk Regional Comparison
Figure 5: The US, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018 - 27
Figure 6: The US, Construction Output Value, by Sector (Real, $ Million), 2018 - 27
Figure 7: The US, Value of Construction Put in Place ($ Billion, Nominal Seasonally Adjusted), Y-o-Y % Change
Figure 8: The US, Real Gross Output of the Construction Industry, in 2017 Chained Prices, In US$ Billion, Seasonally Adjusted at Annual Rates
Figure 9: The US, Number of People Employed in the Construction Industry, In Thousands
Figure 10: The US, Construction Projects Momentum Index
Figure 11: North America, Construction Projects Momentum Index
Figure 12: The US, Commercial Construction Output by Project Type (Real, $ Million), 2018 - 27
Figure 13: The US, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 14: The US, Value of Lodging, Office, and Commercial Construction Put in Place ($ Billion, Nominal), Y-o-Y % Change
Figure 15: The US, Total International Tourist Arrivals
Figure 16: The US, Total Retail Sales Value (In $ Billion, Seasonally Adjusted, in Nominal Terms)
Figure 17: The US, Industrial Construction Output by Project Type (Real, $ Million), 2018 - 27
Figure 18: The US, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 19: The US, Total Manufacturing Construction Put in Place ($ Million, Nominal)
Figure 20: The US, Industrial and Manufacturing Production Indices (2017=100, Seasonally Adjusted)
Figure 21: The US, Total Exports ($ Billion, Seasonally Adjusted)
Figure 22: The US, Total Manufacturing New Order Value ($ Billion, Seasonally Adjusted)
Figure 23: The US, Infrastructure Construction Output by Project Type (Real, $ Million), 2018 - 27
Figure 24: The US, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
Figure 25: The US, Total Transportation Construction Put in Place (US$ Million, Non-Seasonally Adjusted), Y-o-Y % Change
Figure 26: The US, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018 - 27
Figure 27: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
Figure 28: The US, Total Power Construction Put in Place (US$ Million, Non-Seasonally Adjusted)
Figure 29: The US, Construction Put in Place on Water Supply and Sewage and Waste Disposal Infrastructure (US$ Million, Non-Seasonally Adjusted)
Figure 30: The US, Total Communication Construction Put in Place (US$ Million, Non-Seasonally Adjusted)
Figure 31: The US, Institutional Construction Output by Project Type (Real, $ Million), 2018 - 27
Figure 32: The US, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
Figure 33: The US, Total Educational, Healthcare, Public Safety, and Religious Buildings Construction Value Put in Place ($ Billion, Nominal)
Figure 34: The US, Residential Construction Output by Project Type (Real, $ Million), 2018 - 27
Figure 35: The US, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 36: The US, Total Residential Construction Value Put in Place (US$ Million, Non-Seasonally Adjusted)
Figure 37: The US, Total New Housing Units Permit Authorized (Seasonally Adjusted, In Thousand)
Figure 38: The US, Housing Starts (Unadjusted), In Thousands
Figure 39: The US, New Home Sales, in Thousands, In Seasonally-Adjusted Annual Rate
Figure 40: The US, Price Index of New Single-Family Houses Under Construction (2005=100)
Figure 41: California, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 42: California, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 43: California, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 44: Florida, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 45: Florida, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 46: Florida, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 47: Texas, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 48: Texas, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 49: Texas, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 50: New York, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 51: New York, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 52: New York, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 53: Pennsylvania, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 54: Pennsylvania, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 55: Pennsylvania, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 56: Georgia, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 57: Georgia, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 58: Georgia, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 59: Illinois, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 60: Illinois, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 61: Illinois, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 62: Ohio, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 63: Ohio, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 64: Ohio, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 65: Washington, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 66: Washington, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 67: Washington, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 68: North Carolina, Construction Output Value (Real, $ Billion, 2017 Prices), 2018 - 27
Figure 69: North Carolina, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 70: North Carolina, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 71: The US, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 72: The US, Headquarters of Key Consultants (% of Total Project Pipeline)