United States Construction Market Market outlook

According to the report by Expert Market Research (EMR), the United States construction market size achieved a value of USD 1.93 trillion in 2023. Driven by increased investments in residential, commercial, and infrastructure projects, the market is expected to further grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2032, reaching a projected value of USD 3.05 trillion by 2032.

The United States Construction Market industry plays a pivotal role in the economy, contributing significantly to employment, gross domestic product (GDP), and overall economic development. With its broad scope encompassing residential, non-residential, and infrastructure segments, the market is benefiting from a combination of long-term trends, including urbanisation, population growth, and technological advancements. The rising focus on sustainable construction practices and the increasing demand for smart infrastructure further enhance the market's growth prospects.

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Demand Drivers

Several key factors are driving the growth of the United States Construction Market . These include infrastructure investment, urban expansion, government policies, and technological innovations, each contributing to an overall boost in construction activities.

  1. Infrastructure Investment
    The U.S. government has made substantial investments in infrastructure projects, driven by the need to modernize and upgrade aging infrastructure. The Infrastructure Investment and Jobs Act (IIJA), passed in 2021, allocated billions of dollars to improve roads, bridges, and public transportation systems. These initiatives have accelerated demand for construction services, providing opportunities for contractors and construction firms across the country. Investment in energy-efficient infrastructure, green buildings, and electrification of transportation systems further supports the growth of the construction sector.

  2. Urbanisation and Population Growth
    The continued urbanisation of the U.S. population is a major driver of construction demand. As cities grow, there is a consistent need for residential, commercial, and retail spaces to accommodate increasing populations. Expanding urban areas also require substantial infrastructure developments such as roads, utilities, and transportation networks. Along with urban expansion, the rise in population, particularly in metropolitan regions, is leading to increased demand for housing and urban development projects, which is contributing to a sustained growth trajectory for the United States Construction Market .

  3. Government Policies and Stimulus Packages
    Government policies, particularly those focused on housing, infrastructure, and sustainable development, have a significant impact on the United States Construction Market. Programs aimed at promoting affordable housing, urban renewal, and energy-efficient buildings have created further opportunities for construction activities. Additionally, stimulus packages introduced in response to economic downturns or external shocks, such as the COVID-19 pandemic, have played a crucial role in boosting construction demand, particularly in the residential and infrastructure sectors.

  4. Technological Advancements
    Technological innovations in construction, including building information modeling (BIM), 3D printing, and the integration of Artificial Intelligence (AI) and Internet of Things (IoT), have revolutionized the industry. These advancements allow for more efficient project management, enhanced collaboration, and faster execution of construction projects. The growing adoption of smart technologies in buildings—such as smart home systems, automation, and energy-efficient solutions—has further driven demand for modern construction practices.

  5. Sustainability and Green Building Trends
    Sustainability is an increasingly important aspect of construction, with both consumers and businesses opting for environmentally friendly, energy-efficient buildings. LEED (Leadership in Energy and Environmental Design) certified buildings, which meet stringent environmental standards, have gained popularity, leading to increased demand for sustainable building materials, energy-efficient systems, and environmentally-conscious construction practices United States Construction Market. The growing awareness of climate change and its impact on urban planning and infrastructure development is pushing for eco-friendly, sustainable construction solutions, further fueling market expansion.

United States Construction Market Segmentation

The United States Construction Market can be divided based on model type construction, end use, region, landscape.

Breakup by Construction Type

  • Demolition and New Constructions
  • Additions

Breakup by End Use

  • Commercial Construction
  • Residential Construction
  • Industrial Construction
  • Energy and Utilities Construction
  • Others

Breakup by Region

  • New England
  • Mideast
  • Great Lakes
  • Plains
  • Southeast
  • Southwest
  • Rocky Mountain
  • Far West

Competitive Landscape

  • Hensel Phelps Construction Company 
  • Lennar Corporation 
  • Kiewit Corporation 
  • D.R. Horton, Inc. 
  • Tutor Perini Corporation 
  • PCL Constructors Inc. 
  • Kajima Corporation 
  • Hochtief AG 
  • Pultegroup, Inc. 
  • NVR, Inc. (Ryan Homes) 
  • Others

Challenges

Despite the growth prospects, the United States Construction Market faces several challenges. A significant issue is the shortage of skilled labor, which affects the timely completion of construction projects. The United States Construction Market has long struggled to attract a younger workforce, and the aging workforce further exacerbates this problem. Efforts to address labor shortages through training programs and higher wages are ongoing but remain a challenge.

Rising material costs, particularly for lumber, steel, and cement, have also posed challenges for construction companies, leading to increased project costs. Global supply chain disruptions, exacerbated by the COVID-19 pandemic, have resulted in delays and price volatility, further complicating construction projects.

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Additionally, regulatory hurdles and the complexity of zoning laws in certain regions of the United States can impede the speed of construction and affect the profitability of projects.

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