Paving Contractors in the US
The housing bubble, which burst in 2007, took down the Paving Contractors industry's major client base, with lingering effects hampering the industry until 2012. Since then, many macroeconomic housing market drivers, such as housing starts and private spending on home improvements, have gained traction and shown overall improvement, benefiting demand for industry services. As the residential and nonresidential markets continue to improve, IBISWorld expects revenue for the Paving Contractors industry to increase. At the aggregate level, over the five years to 2017, low interest rates, favorable tax breaks and affordable prices have helped the housing market improve following the financial crisis. The five years to 2022 will be, overall, a more organic period of growth, with the residential segment slowing considerably while commercial segments shake off the effects of poor corporate profit levels in 2015 and 2016. Low interest rates will keep borrowing costs low and encourage new housing construction.
This industry comprises establishments that specialize in the paving of residential and commercial driveways and parking areas. Establishments in this industry typically use asphalt, concrete or brick when performing their paving services. Excluded from this industry are operators that pave streets and highways; these services are part of the Road and Highway Construction industry (IBISWorld report 23731a).
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.