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(Construction.IndustryNews247.Com, November 28, 2018 ) The US construction industry suffered a downturn in 2017, contracting by 1.0% in real terms that year, following an average annual growth of 5.0% during the preceding four years. This decline can be attributed to the slowdown in non-residential buildings construction activity and the decline in the government’s outlay on major infrastructure projects.
The country’s construction industry is expected to record positive growth over the forecast period (2018-2022), driven by the government’s plans to revamp the country’s depleted infrastructure. In addition, public and private sector investments in residential, commercial, healthcare and educational infrastructure construction projects are expected to support growth in the industry over the forecast period.
In February 2018, the White House released its infrastructure initiative, under which the Trump administration seeks to provide US$200 billion in the next ten years to spur a projected US$1.5 trillion in states, local governments and private sector investment to rebuild what Trump called America’s crumbling infrastructure.
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The industry’s output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 2.22% over the forecast period, compared to 3.80% during the review period (2013-2017).
GlobalData’s "Construction in the US - Key Trends and Opportunities to 2022", report provides detailed market analysis, information and insights into the US construction industry, including -
- The US construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the US construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Key Highlights
- GlobalData expects the residential construction market to retain its leading position over the forecast period, with a share of 46.5% of the industry’s total value in 2022. Market growth over the forecast period is expected to be supported by rising residential buildings permits in the country. The government’s focus on affordable houses is also expected to support the market growth over the forecast period.
- The government’s focus to rebuild and modernize the country’s aging infrastructure is expected to drive infrastructure construction market growth over the forecast period. In February 2018, the White House released its infrastructure initiative, under which the Trump administration seeks to provide US$200 billion in the next ten years to spur a projected US$1.5 trillion in state, local governments and private sector investment to rebuild US infrastructure.
- Over the forecast period, the energy and utilities construction market is expected to be supported by the government’s investment in transmission and distribution construction projects. In its 2018-2019 Budget, the Trump administration proposed US$30.7 billion for the Energy Department, a 2% increase from the fiscal year 2017-2018.
- According to American Society of Civil Engineers estimates, the country requires US$3.6 trillion to repair, upgrade and modify its aging transport infrastructure by 2020. Accordingly, under the Airport Improvement Program, the government plans to invest US$3.2 billion for the development and modernization of airports in the country.
- The total construction project pipeline in the US, as tracked by GlobalData, stands at US$629.3 billion. The pipeline, which includes all projects from pre-planning to execution, is skewed towards late stage projects, with 62.1% of the pipeline value being in projects in the pre-execution and execution stages as of October 2018.
Scope
This report provides a comprehensive analysis of the construction industry in the US and also provides -
- Historical (2013-2017) and forecast (2018-2022) valuations of the construction industry in the US, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants.
Reasons to buy
- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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