The US Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (Q1 2025)
Summary
GlobalData expects growth in US’ construction industry to slow from 6.6% in real terms in 2024 to 1.4% in 2025, owing to sluggishness in across all sectors of construction. Weak investor confidence is expected to cause muted demand across the commercial, industrial and residential construction sectors, while Donald Trump’s decision to freeze US subsidy schemes - the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA) - will contribute to a slowdown in energy and utilities and infrastructure construction during 2025 and beyond. These policies were initially paused by President Trump for 90 days on January 20th, 2025, as part of an Executive Order called “Unleashing American Energy”, as Trump aimed to stop any ‘excessive spending’ while focusing on Oil and Gas production. Despite multiple legal challenges, the reinstation of the frozen stimulus schemes remains uncertain and could lead to billions of dollars obligated for infrastructure projects being withdrawn, including those which are currently in the execution stage.
Despite the ongoing challenges, GlobalData expects the construction industry in the US to expand by an annual average rate of 2% during 2026 to 2029, as the industry is supported by investments in transport infrastructure, housing and oil and gas projects. In mid-February 2025, President Trump launched the “America First Investment Policy” aimed at developing the nation’s security and infrastructure, while encouraging an inflow of greenfield investments, including those aimed at boosting exploration of oil and natural gas resources. Under this policy, the Trump administration announced in mid-March 2025 that, since the President's inauguration in January of the same year, the country has seen over $2.8 trillion in declared investments. Included in this figure are significant commitments from NVIDIA, a leading chip manufacturer, who announced an investment of $100 billion, and Johnson & Johnson, a major pharmaceutical company, who pledged $55 billion, both in mid-March 2025. In the same speech, President Trump had also stated his goal of attracting $100 billion of investment from Taiwanese semiconductor manufacturer Taiwan Semiconductor as part of the policy. In line with President Trump's emphasis on the advancement of the oil and gas industry, plans are underway for a significant infrastructure project in Louisiana. This initiative includes the construction of a liquefied natural gas (LNG) export terminal with a capacity of 30 million metric tons per annum (MTPA), alongside an associated pipeline. The project, valued at $10 billion, is slated to receive final construction approval in July 2025, with a targeted completion date set for 2031.
GlobalData’s Construction in the US and Key States - Key Trends and Opportunities to 2029 (Q1 2025) 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.
This report provides a comprehensive analysis of the construction industry in the US. It provides -
- Historical (2020-2024) and forecast (2025-2029) 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 our 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 business strategies using GlobalData's critical and actionable insight
- Assess business risks, including cost, regulatory and competitive pressures
- Evaluate competitive risk and success factors
- 1 Executive Summary
- 2 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
- 9 About GlobalData
- 10 Contact Us
- 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), 2020–29
- Table 4: The US, Top Commercial Construction Projects by Value
- Table 5: The US, Industrial Construction Output by Project Type (Real % Change), 2020–29
- Table 6: The US, Top Industrial Construction Projects by Value
- Table 7: The US, Infrastructure Construction Output by Project Type (Real % Change), 2020–29
- Table 8: The US, Top Infrastructure Construction Projects by Value
- Table 9: The US, Energy and Utilities Construction Output by Project Type (Real % Change), 2020–29
- Table 10: The US, Top Energy and Utilities Construction Projects by Value
- Table 11: The US, Institutional Construction Output by Project Type (Real % Change), 2020–29
- Table 12: The US, Top Institutional Construction Projects by Value
- Table 13: The US, Residential Construction Output by Project Type (Real % Change), 2020–29
- Table 14: The US, Top Residential Construction Projects by Value
- Table 15: California, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 16: California, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 17: Florida, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 18: Florida, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 19: Texas, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 20: Texas, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 21: New York, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 22: New York, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 23: Pennsylvania, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 24: Pennsylvania, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 25: Georgia, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 26: Georgia, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 27: Illinois, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 28: Illinois, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 29: Ohio, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 30: Ohio, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 31: Washington, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 32: Washington, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 33: North Carolina, Construction Output by Sector (Nominal $ Billion), 2020–29
- Table 34: North Carolina, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2020–29
- Table 35: The US, Key Contractors
- Table 36: The US, Key Consultants
- Table 37: The US, Construction Output Value (Real, $ Billion)
- Table 38: The US, Construction Output Value (Nominal, $ Billion)
- Table 39: GlobalData Construction Market Definitions
- Table 40: Risk Dimensions
- Table 41: Ratings, Scores and Definitions
- List of Figures
- Figure 1: North America, Construction Output (Real % Change), 2023–29
- Figure 2: The US, Construction Output by Sector (Real % Change), 2023–25 and 2026–29
- Figure 3: The US, Risk Summary
- Figure 4: The US, Risk Regional Comparison
- Figure 5: The US, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2020–29
- Figure 6: The US, Construction Output Value, by Sector (Real, $ Million), 2020–29
- Figure 7: The US, Value of Construction Put in Place ($ Billion, Nominal Seasonally Adjusted Annual Rate), YoY % Change
- Figure 8: The US, Number of People Employed in the Construction Industry, In Thousands
- Figure 9: The US, Construction Projects Momentum Index
- Figure 10: North America, Construction Projects Momentum Index
- Figure 11: The US, Commercial Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 12: The US, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 13: The US, Value of Lodging, Office, and Commercial Construction Put in Place ($ Billion, Nominal Seasonally Adjusted Annual Rate), YoY % Change
- Figure 14: The US, Industrial Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 15: The US, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 16: The US, Total Manufacturing Construction Put in Place ($ Million, Nominal Non-Seasonally Adjusted)
- Figure 17: The US, Industrial and Manufacturing Production Indices (2017=100, Seasonally Adjusted)
- Figure 18: The US, Total Exports ($ Billion, Seasonally Adjusted)
- Figure 19: The US, Total Manufacturing New Order Value ($ Billion, Seasonally Adjusted)
- Figure 20: The US, Infrastructure Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 21: The US, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 22: The US, Total Transportation Construction Put in Place (US$ Million, Non-Seasonally Adjusted), YoY % Change
- Figure 23: The US, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 24: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 25: The US, Total Power Construction Put in Place (US$ Million, Non-Seasonally Adjusted)
- Figure 26: The US, Construction Put in Place on Water Supply and Sewage and Waste Disposal Infrastructure (US$ Million, Non-Seasonally Adjusted)
- Figure 27: The US, Total Communication Construction Put in Place (US$ Million, Non-Seasonally Adjusted)
- Figure 28: The US, Institutional Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 29: The US, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 30: The US, Total Educational, Healthcare, Public Safety and Religious Buildings Construction Value Put in Place (US$ Billion, Seasonally Adjusted Annual Rate)
- Figure 31: The US, Residential Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 32: The US, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 33: The US, Total Residential Construction Value Put in Place (US$ Million, Non-Seasonally Adjusted)
- Figure 34: The US, Total New Housing Units Permit Authorized (Seasonally Adjusted Annual Rate, In Thousand)
- Figure 35: The US, Housing Starts (Unadjusted), In Thousands
- Figure 36: The US, New Home Sales, in Thousands, In Seasonally-Adjusted
- Figure 37: The US, Price Index of New Single-Family Houses Under Construction (2005=100)
- Figure 38: The US Construction Output Value by States, 2024 (Nominal, $ Billion)
- Figure 39: The US Construction Output Growth Rate by States, (Nominal CAGR, 2025-29)
- Figure 40: California, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 41: California, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 42: California, Construction Employment
- Figure 43: Florida, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 44: Florida, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 45: Florida, Construction Employment
- Figure 46: Texas, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 47: Texas, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 48: Texas, Construction Employment
- Figure 49: New York, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 50: New York, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 51: New York, Construction Employment
- Figure 52: Pennsylvania, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 53: Pennsylvania, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 54: Pennsylvania, Construction Employment
- Figure 55: Georgia, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 56: Georgia, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 57: Georgia, Construction Employment
- Figure 58: Illinois, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 59: Illinois, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 60: Illinois, Construction Employment
- Figure 61: Ohio, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 62: Ohio, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 63: Ohio, Construction Employment
- Figure 64: Washington, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 65: Washington, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 66: Washington, Construction Employment
- Figure 67: North Carolina, Construction Output Value (Real, $ Billion, 2022 Prices), 2020–29
- Figure 68: North Carolina, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
- Figure 69: North Carolina, Construction Employment
- Figure 70: The US, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 71: The US, Headquarters of Key Consultants (% of Total Project Pipeline)
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