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Construction in the United States
In 2018, the expenses for construction in the United States was around $670 billion. The construction industry is anticipated to grow to a CAGR of 4.9% by 2023 (reaching upwards of $1,804 billion). The construction industry for residential in particular increased at a 9.1% CAGR from 2014-2018. Overall, the construction industry in the United States is supported by strong economic conditions, more job opportunities, and the government’s goals to enhance the construction industry. Within the last eight years, construction activity has boomed, increasing the spending in this sector with the demand for heavy construction.
In the United States, the demand for metal sheets and polymers in residential and industrial projects has increased. This market is expected to propel due to the demand for metal sheets for HVAC installations. Factors such as shortage of raw materials and price fluctuations is likely going to restrain market growth, particularly for roofing and waterproofing applications. Polyurethane in flexible and rigid sheets is being used more frequently for vehicle applications, which may limit availability for building applications. Thus, this may hinder the market growth.
The paragraphs above are just brief examples of the type of statistics, projections, and future estimates that we can provide you regarding the construction and building industry. For a more detailed report, contact our Research Professionals at MarketResearch.com. Examples of other key topics we can provide you in a building and construction report include:
- Construction industry dynamics in the United States and prospects for growth
- Construction industry for residential buildings, market size and forecast
- Construction markets for residential by type of construction
- Analysis of building and construction markets for a past year, specific time period, current year, and/or future projections
- Construction analysis by key cities
- Industry for Institutional construction market size and forecast
- Growth dynamics by building construction sectors
- Construction growth trends by development stage
Countries Where Construction Spending Has Increased
China and India have substantially increased their construction spending in order to meet the rising need for public and industrial infrastructure. This driving need in China and India is expected to be a leading factor in the demand for construction products from 2018-2025. The Asia-Pacific is anticipated to continue being the fastest growing market for construction.
If you are in need of quality reports regarding building and construction, or for another market entirely, you can depend on our Research Professionals at MarketResearch.com for assistance.