Report cover image

United States (US) Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027

Publisher GlobalData
Published Jun 30, 2023
Length 95 Pages
SKU # GBDT18132699

Description

United States (US) Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027


Summary

GlobalData forecasts that the US construction industry will contract by 2.5% this year in real terms, following a sharp decline of 8.2% last year. Inflationary pressures and high interest rates, along with labour shortages have impacted construction activity, but it has mainly been the residential construction sector that has suffered a severe drop in work in real terms. The residential sector is expected to suffer a 12.6% decline this year, reflecting a marked decline in leading indicators; new privately-owned residential building permits authorized in the first four months of 2023 dropped by a 21% year on year (YoY), while new housing starts in the first five months of 2023 declined by 15.5% . However, non-residential building sectors as well as the infrastructure sector and energy and utilities have been improving, following weakness in the past few years. Major fiscal stimulus packages such as the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act (IRA), and the CHIPS and Science Act, will be a key driver of construction activity across these sector As of May 2023, the Biden administration had announced over $220 billion in funding under the IIJA, including over 32,000 specific projects and awards. Additionally, the White House reported that as of June 2023, over $491 billion in projects had been announced by private companies under the Manufacturing the Future programme, over $255 billion had been announced by the government under the Rebuilding Infrastructure programme, and $76 billion had been announced by the Internet for all programmes.

The industry's output is expected to grow by 2.6% in 2024 and pick up to an annual average growth rate of 5.3% between 2025 and 2027, fuelled by investment in the energy, transportation, housing, and manufacturing sectors. As part of the (IRA, the government has 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. In April 2023, the Energy Information Administration (EIA) projected that US natural gas production would increase 15% and LNG exports would increase 152% between 2022 and 2050, bringing total US natural gas production to 42.1 trillion cubic feet (Tcf) by 2050 from 35.81 Tcf in 2022 and LNG exports to 10 Tcf by 2050 from 3.88 Tcf in 2022. Furthermore, residential construction will stabilize in the long term, as the government's various schemes aimed at increasing efforts to reduce homelessness by 25% by 2025 with the investment of $175 billion.

This 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 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.

Table of Contents

95 Pages
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
About GlobalData
Contact Us
List of Tables
Table 1: Construction Industry Key Data
Table 2: The US, Key Economic Indicators
Table 3: US States, Construction Value-Add (Real, % change YoY)
Table 4: US States, Construction Value-Add (Nominal, % change YoY)
Table 5: The US, Commercial Construction Output by Project Type (Real % Change), 2018-27
Table 6: The US, Top Commercial Construction Projects by Value
Table 7: The US, Industrial Construction Output by Project Type (Real % Change), 2018-27
Table 8: The US, Top Industrial Construction Projects by Value
Table 9: The US, Infrastructure Construction Output by Project Type (Real % Change), 2018-27
Table 10: The US, Top Infrastructure Construction Projects by Value
Table 11: The US, Energy and Utilities Construction Output by Project Type (Real % Change), 2018-27
Table 12: The US, Top Energy and Utilities Construction Projects by Value
Table 13: The US, Institutional Construction Output by Project Type (Real % Change), 2018-27
Table 14: The US, Top Institutional Construction Projects by Value
Table 15: The US, Residential Construction Output by Project Type (Real % Change), 2018-27
Table 16: The US, Top Residential Construction Projects by Value
Table 17: California, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 18: California, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 19: California, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-27
Table 20: Florida, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 21: Florida, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 22: Florida, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-27
Table 23: Texas, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 24: Texas, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 25: Texas, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-27
Table 26: New York, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 27: New York, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 28: New York, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-27
Table 29: Pennsylvania, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 30: Pennsylvania, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 31: Pennsylvania, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-27
Table 32: Georgia, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 33: Georgia, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 34: Georgia, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-27
Table 35: Illinois, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 36: Illinois, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 37: Illinois, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-22
Table 38: Ohio, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 39: Ohio, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 40: Ohio, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-22
Table 41: Washington, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 42: Washington, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 43: Washington, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-22
Table 44: North Carolina, Construction Output by Sector (Nominal $ Billion), 2018-27
Table 45: North Carolina, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2018-27
Table 46: North Carolina, Construction Value-Add by Main MSAs (Real, $ Million, 2012 Prices), 2018-22
Table 47: The US, Key Contractors
Table 48: The US, Key Consultants
Table 49: The US, Construction Output Value (Real, $ Billion)
Table 50: The US, Construction Output Value (Nominal, $ Billion)
Table 51: GlobalData Construction Market Definitions
Table 52: Risk Dimensions
Table 53: Ratings, Scores and Definitions
List of Figures
Figure 1: Latin 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, $ Billion, 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 2012 Chained Prices, In $ 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: Region, 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 Visitor Arrivals, In Thousands
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 ($ Million, Nominal), YoY % 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 ($ Million, Nominal)
Figure 29: The US, Construction Put in Place on Water Supply and Sewage and Waste Disposal Infrastructure ($ Million, Nominal)
Figure 30: The US, Total Communication Construction Put in Place ($ Million, Nominal)
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 ($ Million, 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: California, Construction Employment
Figure 45: Florida, Construction Output Value (Real, $ Billion, 2017 Prices), 2018-27
Figure 46: Florida, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 47: Florida, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 48: Florida, Construction Employment
Figure 49: Texas, Construction Output Value (Real, $ Billion, 2017 Prices), 2018-27
Figure 50: Texas, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 51: Texas, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 52: Texas, Construction Employment
Figure 53: New York, Construction Output Value (Real, $ Billion, 2017 Prices), 2018-27
Figure 54: New York, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 55: New York, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 56: New York, Construction Employment
Figure 57: Pennsylvania, Construction Output Value (Real, $ Billion, 2017 Prices), 2018-27
Figure 58: Pennsylvania, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 59: Pennsylvania, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 60: Pennsylvania, Construction Employment
Figure 61: Georgia, Construction Output Value (Real, $ Billion, 2017 Prices), 2018-27
Figure 62: Georgia, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 63: Georgia, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 64: Georgia, Construction Employment
Figure 65: Illinois, Construction Output Value (Real, $ Billion, 2017 Prices), 2018-27
Figure 66: Illinois, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 67: Illinois, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 68: Illinois, Construction Employment
Figure 69: Ohio, Construction Output Value (Real, $ Billion, 2017 Prices), 2018-27
Figure 70: Ohio, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 71: Ohio, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 72: Ohio, Construction Employment
Figure 73: Washington, Construction Output Value (Real, $ Billion, 2017 Prices), 2018-27
Figure 74: Washington, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 75: Washington, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 76: Washington, Construction Employment
Figure 77: North Carolina, Construction Output Value (Real, $ Billion, 2017 Prices), 2018-27
Figure 78: North Carolina, Construction Value-Add in Nominal and Real Terms (% change YoY)
Figure 79: Washington, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)
Figure 80: North Carolina, Construction Employment
Figure 81: The US, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 82: The US, Headquarters of Key Consultants (% of Total Project Pipeline)

Pricing

Currency Rates
How Do Licenses Work?

How Do Licenses Work?

The primary function of a report license is to define how many people within a company are authorized to use the purchased report. This is separate to how a report might be delivered. Unless specifically identified otherwise, the purchase option is Single User. Below is a helpful description of that license, along with a sampling of others most commonly offered.

  • This license allows only one user to have access to and to use/read the report. It is not one user at a time or one user group; it is an individual who will be reading and utilizing the report.

  • This license allows for the entire purchasing company to read and use the report. This is the license level that would allow for a report to be placed on an internal company shared drive for access by all employees of that direct company. This license does not extend to parent or sister company use.

  • This license is designed to allow an entire department within a company full access to a report. The departmental license is a great option for companies that have more than one location and the department is spread out all over the country/world

  • This license is for companies that have one location where they want the report to be accessible by all employees within that physical location.

  • This is the most flexible of the licensing options. Some publishers will allow you to get a license for a preset number of people (typically 5). These licenses are ideal for small work groups.

License options are at the discretion of each publisher. As such, not all licenses indicated above are available for every product. If you are uncertain of the best license for your needs or would like a license that is not proactively available, please contact us and we will be happy to assist.

Request A Sample
Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
Chat Now
Contact Us