United States (US) Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027

United States (US) Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027
Summary

GlobalData expects the US construction industry to contract by 3.1% in 2023, owing mainly to the contraction in residential construction caused by high interest rates, labor shortages, and weak consumer demand. According to the US Census Bureau, new housing starts fell for the 16th month in a row in August 2023, falling cumulatively by 12.5% in the first eight months of 2023, preceded by an annual decline of 3% in 2022. However, non-residential construction is improving from a weak position, driven by investments from major fiscal stimulus packages including the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act of 2022 (IRA), and the CHIPS and Science Act. Manufacturing has been one of the most prominent sectors in terms of growth this year, attracting $511 billion in private investment as of the end of August 2023 through the Manufacturing the Future programme.

The industry's output is expected to grow at a 4.4% annual average growth rate between 2024 and 2027, supported by investment in the energy, transportation, housing, and manufacturing sectors. As part of the IRA, the government allocated $369 billion to energy security and climate change mitigation programmes, with the goal of increasing the US's efforts to reduce emissions by 40% below 2005 levels by 2030. Furthermore, the White House reported in May 2023 that the Department of Transportation received the highest investments and projects under the IIJA between November 2021 and May 2023, including $9.9 billion for the development of 4,600 bridges and 69,000 miles of road repairs, $9 billion for Northeast Corridor rail projects, $4.6 billion to expand rail service outside of the Northeast Corridor, and $4.3 billion to upgrade tracks and rail infrastructure.

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 activityCritical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the US construction industryAnalysis 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-sectorAnalysis 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 consultantsReasons to BuyIdentify and evaluate market opportunities using GlobalData's 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 GlobalData's critical and actionable insight.Assess business risks, including cost, regulatory and competitive pressures.Evaluate competitive risk and success factors.