DUBLIN–(BUSINESS WIRE)–The “United States Construction Industry Databook Series – Market Size & Forecast (2014 – 2023) by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction” report has been added to ResearchAndMarkets.com‘s offering.
The construction industry in United States is expected to record a CAGR of 4.9% to reach US$ 1,804.8 billion by 2023. The residential construction industry in value terms increased at a CAGR of 9.1% during 2014-2018. The commercial building construction market in value terms is expected to record a CAGR of 6.8% over the forecast period. The infrastructure construction was estimated to be US$ 358.9 billion in 2018, posting a CAGR of 6.3% during review period.
United States construction industry outlook this fiscal year is backed by strong economic conditions, numerous job opportunities and the government’s commitment to boost construction industry. Over the last eight quarters in US, booming construction activity and increased spending in this sector have expedited the demand of heavy construction across the country. In first half of 2018, construction expenses in US accounted to US$ 673 billion, which recorded as US$ 615 billion in 2017.
Enhanced commodity price environment, strong market position and favorable business environment are driving activity across a range of building and infrastructure construction segments. Growth in renewable projects is one of the key sectors driving construction activity in infrastructure and industrial building sectors. The US government is investing massively in networking, which is boosting construction activity in communication sector. Consequently, there are new opportunities in heavy construction segment.
US is likely to see increased spending as Trump administration unveils infrastructure plan valued at US$ 1.5 trillion, subsequently, uplifting the revenues and profits of construction industry players. On the other hand, factors such as high construction material cost and controlled mortgage environment are limiting the growth.
In first few months of 2018, the tariffs of steel and aluminum impacted construction material cost adversely. Further, the trade partners of US such as China, Mexico, Canada and European Union had traffic clashes, leading to supply chain disruptions. However, market environment looks positive going forward, and construction industry is likely to benefit from improved conditions.
Key topics covered include the outlook for construction of these market segments: office building, retail building, hospitality, luxury building, restaurant building, sports facility building, entertainment building, as well as by institutional building construction sectors.
For more information about this report visit https://www.researchandmarkets.com/research/5dwxr4/united_states?w=4
