Paving Contractors in the US
Over the five years to 2019, industry operators have benefited from broad economic improvements, including rising per capita disposable income and relatively low unemployment. As a result of these trends, construction activity in residential and nonresidential markets, both of which require industry services, has increased during the period. Over the five years to 2024, IBISWorld expects a more organic period of growth for the industry. The residential segment is expected to slow considerably while nonresidential construction activity expands. Despite expected interest rate hikes over the next five years, the Federal Reserve has indicated that it will maintain relatively low rates. Low interest rates are expected to keep borrowing costs relatively low and encourage new housing construction. Furthermore, as consumers' incomes rise, there is expected to be growing demand for high-end materials such as concrete and stones, keeping industry profit relatively high.
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.
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