United States Construction Industry Report 2023-2027 - Residential Sector Stabilizes with US Government's Long-Term Plans
Tuesday, August 22, 2023
DUBLIN, Aug. 14, 2023 /PRNewswire/ -- The "United States (US) Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
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US construction industry will contract by 2.5% this year in real terms, following a sharp decline of 8.2% last year.
Inflationary pressures and high interest rates, along with labour shortages have impacted construction activity, but it has mainly been the residential construction sector that has suffered a severe drop in work in real terms.
The residential sector is expected to suffer a 12.6% decline this year, reflecting a marked decline in leading indicators; new privately-owned residential building permits authorized in the first four months of 2023 dropped by a 21% year on year (YoY), while new housing starts in the first five months of 2023 declined by 15.5%.
However, non-residential building sectors as well as the infrastructure sector and energy and utilities have been improving, following weakness in the past few years. Major fiscal stimulus packages such as the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act (IRA), and the CHIPS and Science Act, will be a key driver of construction activity across these sector s.
As of May 2023, the Biden administration had announced over $220 billion in funding under the IIJA, including over 32,000 specific projects and awards. Additionally, the White House reported that as of June 2023, over $491 billion in projects had been announced by private companies under the Manufacturing the Future programme, over $255 billion had been announced by the government under the Rebuilding Infrastructure programme, and $76 billion had been announced by the Internet for all programmes.
The industry's output is expected to grow by 2.6% in 2024 and pick up to an annual average growth rate of 5.3% between 2025 and 2027, fuelled by investment in the energy, transportation, housing, and manufacturing sectors. As part of the (IRA, the government has allocated $369 billion to energy security and climate change mitigation programmes, with the goal of increasing the US's efforts to reduce emissions by 40% below 2005 levels by 2030.
In April 2023, the Energy Information Administration (EIA) projected that US natural gas production would increase 15% and LNG exports would increase 152% between 2022 and 2050, bringing total US natural gas production to 42.1 trillion cubic feet (Tcf) by 2050 from 35.81 Tcf in 2022 and LNG exports to 10 Tcf by 2050 from 3.88 Tcf in 2022.
Furthermore, residential construction will stabilize in the long term, as the government's various schemes aimed at increasing efforts to reduce homelessness by 25% by 2025 with the investment of $175 billion.
Scope
-- Historical (2018-2022) and forecast (2023-2027) 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 the publisher'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 the publisher's critical and
actionable insight.
-- Assess business risks, including cost, regulatory and competitive
pressures.
-- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
-- Outlook
-- Latest news and developments
-- Construction Projects Momentum Index
4.2 Commercial Construction
-- Outlook
-- Project analytics
-- Latest news and developments
4.3 Industrial Construction
-- Outlook
-- Project analytics
-- Latest news and developments
4.4 Infrastructure Construction
-- Outlook
-- Project analytics
-- Latest news and developments
4.5 Energy and Utilities Construction
-- Outlook
-- Project analytics
-- Latest news and developments
4.6 Institutional Construction
-- Outlook
-- Project analytics
-- Latest news and developments
4.7 Residential Construction
-- Outlook
-- Project analytics
-- Latest news and developments
5 Construction in Key US States
5.1 California
-- Outlook
-- Latest news and developments
5.2 Florida
-- Outlook
-- Latest news and developments
5.3 Texas
-- Outlook
-- Latest news and developments
5.4 New York
-- Outlook
-- Latest news and developments
5.5 Pennsylvania
-- Outlook
-- Latest news and developments
5.6 Georgia
-- Outlook
-- Latest news and developments
5.7 Illinois
-- Outlook
-- Latest news and developments
5.8 Ohio
-- Outlook
-- Latest news and developments
5.9 Washington
-- Outlook
-- Latest news and developments
5.10 North Carolina
-- Outlook
-- Latest news and developments
6 Key Industry Participants
6.1 Contractors
6.2 Consultants
7 Construction Market Data
8 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/8aic8
Source: GlobalData
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