Paving Contractors in the US
As the residential and nonresidential markets continue to improve, IBISWorld estimates that revenue for the Paving Contractors industry will increase at an annualized rate of 4.2% to $36.2 billion over the five years to 2018, including an increase of 3.8% in 2018 alone. The five years to 2023 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. Despite looming interest rate hikes, the Federal Reserve has shown that it will maintain relatively low rates over the next several years. Low interest rates will keep borrowing costs low and encourage new housing construction.
This industry comprises establishments that specialize in paving 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.