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Construction in the US - Key Trends and Opportunities to 2023

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Construction in the US-Key Trends and Opportunities to 2023

Summary

Following weak growth in 2017, construction growth in the US accelerated in 2018, owed in part to corporate tax cuts and increased infrastructure investment by state and local governments. As a result, the country's construction industry grew by 2.2% in real terms in 2018, compared to 0.4% in 2017. However, growth is projected to decelerate this year to 0.5% in 2019, largely due to a decline in residential investment and heightened policy uncertainty from the recent escalation of the US trade war with China, which is weighing on business sentiment and holding back investment in major construction projects.

On 1st August, President Donald Trump announced that he would impose a new 10% tariff on a further USD 300 billion of imported Chinese goods, ranging from clothes to smartphones, marking a sharp escalation of the ongoing trade war between the two countries. This new round of tariffs is in addition to the current tariffs of 25% on USD 250 billion of Chinese imports. Already, construction companies across the country are shifting supply chains and delaying capital expenditure as a result of the previous US tariff increases on Chinese products and foreign metals. This latest announcement of tariffs on Chinese imports, together with the effects of previous tariffs, will further undermine business confidence, and likely lead to weaker construction growth.

Growth is expected to recover to a compound annual growth rate (CAGR) of 1.1% over the remainder of the forecast period, supported by rising investments in infrastructure and energy and utilities projects.

- GlobalData expects the residential construction market to contract by 2.3% in 2019, before recovering to an annual average of 4.4% over the remainder of the forecast period. Despite falling mortgage rates, a solid job market, and a rising demand for mixed-use properties that is still supporting the housing market, expensive land, a lack of skilled labor and rising material prices (brought about by ongoing trade dispute between the US and China) are adding pressure to home prices and causing delays in home construction, as developers' incentive to build affordable houses is being reduced.

- GlobalData expects the forecasts period growth in the commercial construction market will decelerate to an annual average of 3.3% over the forecast period, down from 13% during the review period. In recent years, the growth of retail buildings construction has eased, owning in large part to the changing way US consumers are now shopping online through e-commerce giants such as Amazon and eBay. At the same time, slower economic growth and the effects of the increasing uncertainty generated by the recent escalation of the US trade war with China is further undermining consumer and business confidence.

- GlobalData expects the infrastructure construction market to record a forecast-period CAGR of 6.83% in nominal terms. Increasing demand for new infrastructure and maintenance works, along with urbanization growth and the rise in e-commerce, is creating significant investment opportunities, especially for the transportation sector. In July 2019, under the Infrastructure for Rebuilding America (INFRA) discretionary grant program, the US Department of Transportation (DOT) granted USD 856 million to develop railway and related infrastructure. Of the total investment, the government agreed to spend USD 135.5 million towards the rebuilding of two railway corridors in the country.

- Energy and utilities construction market's growth over the forecast-period will be supported by the government's investments to develop utilities infrastructure in the country. The 2020 budget has allocated funds to the Department of Agriculture to help maintain and modernize rural utilities by providing critical support for infrastructure, such as USD 528 million in funding for water and wastewater grants and loans that support USD 1.2 billion in water and wastewater direct loans.

- The total construction project pipeline in the US-as tracked by GlobalData, and including all mega projects with a value above USD 25 million-stands at USD 852.2 billion. The pipeline, which includes all projects from pre-planning to execution, is relatively skewed towards late stage projects, with 58.7% of the pipeline value being in projects in the pre-execution and execution stages as of October 2019.

GlobalData's Construction in the US-Key Trends and Opportunities to 2023 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.

Scope

This report provides a comprehensive analysis of the construction industry in the US. It provides-

- Historical (2014-2018) and forecast (2019-2023) 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.

READ MORE

Table Of Content

Scope

Table of Contents

1 EXECUTIVE SUMMARY

2 CONSTRUCTION OUTLOOK: AT-A-GLANCE

3 LATEST NEWS AND INDICATORS

4 KEY DRIVERS AND RISKS

4.1. Economic Performance

4.2. Political Environment

4.3. Demographics

4.4. Risk Profile

5 CONSTRUCTION OUTLOOK

5.1. All Construction

5.1.1. Outlook

5.1.2. Project analytics

5.2. Commercial Construction

5.2.1. Outlook

5.2.2. Project analytics

5.3. Industrial Construction

5.3.1. Outlook

5.3.2. Project analytics

5.4. Infrastructure Construction

5.4.1. Outlook

5.4.2. Project analytics

5.5. Energy and Utilities Construction

5.5.1. Outlook

5.5.2. Project analytics

5.6. Institutional Construction

5.6.1. Outlook

5.6.2. Project analytics

5.7. Residential Construction

5.7.1. Outlook

5.7.2. Project analytics

6 KEY INDUSTRY PARTICIPANTS

6.1. Contractors

6.2. Consultants

7 APPENDIX

7.1. What is this Report About?

7.2. Definitions

8 ABOUT GLOBALDATA

8.1. GlobalData at a Glance

8.2. GlobalData Construction

8.3. Disclaimer

8.4. Contact Us


List Of Figure

List of Figures

Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix

Figure 2: The US, Construction Projects Pipeline by Sector (USD Billion)

Figure 3: The US, Total New Housing Units Permit Authorized (Numbers)

Figure 4: The US, New Housing Units Started (Total Numbers)

Figure 5: The US, Housing Price Index

Figure 6: The US, Risk Profile

Figure 7: The US, Risk Comparison

Figure 8: The US, Construction Output Value (Real, USD billion, 2017 prices and exchange rate)

Figure 9: The US, Construction Output Value, Growth Matrix

Figure 10: The US, Construction Output Value, by Sector (USD Million), 2014-2023

Figure 11: The US, Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 12: The US, Construction Projects Pipeline, Value by Stage (USD Million)

Figure 13: The US, Commercial Construction Output by Project Type (USD Million), 2014-2023

Figure 14: The US, Commercial Construction Projects Pipeline, Value by Stage (USD Million)

Figure 15: The US, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 16: The US, Industrial Construction Output by Project Type (USD Million), 2014-2023

Figure 17: The US, Industrial Construction Projects Pipeline, Value by Stage (USD Million)

Figure 18: The US, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 19: The US, Infrastructure Construction Output by Project Type (USD Million), 2014-2023

Figure 20: The US, Infrastructure Construction Projects Pipeline, Value by Stage (USD Million)

Figure 21: The US, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 22: The US, Energy and Utilities Construction Output by Project Type (USD Million), 2014-2023

Figure 23: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage (USD Million)

Figure 24: The US, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 25: The US, Institutional Construction Output by Project Type (USD Million), 2014-2023 37

Figure 26: The US, Institutional Construction Projects Pipeline, Value by Stage (USD Million)

Figure 27: The US, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 28: The US, Residential Construction Output by Project Type (USD Million), 2014-2023

Figure 29: The US, Residential Construction Projects Pipeline, Value by Stage (USD Million)

Figure 30: The US, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 31: The US, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 32: The US, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)

Figure 33: The US, Headquarters of Key Consultants (% of Total Project Pipeline)

Figure 34: The US, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)


List Of Table

List of Tables

Table 1: Construction Outlook

Table 2: The US, Key Economic Indicators

Table 3: The US, Construction Output Value (nominal, USD Million)

Table 4: The US, Top Commercial Construction Projects by Value

Table 5: The US, Top Industrial Construction Projects by Value

Table 6: The US, Top Infrastructure Construction Projects by Value

Table 7: The US, Top Energy and Utilities Construction Projects by Value

Table 8: The US, Top Institutional Construction Projects by Value

Table 9: The US, Top Residential and Mixed-Use Construction Projects by Value

Table 10: The US, Key Contractors

Table 11: The US, Key Consultants

Table 12: GlobalData Construction Market Definitions

Table 13: Construction Risk Index Ratings and Scores

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

Products and Companies

Products

Construction, the US construction Industry, Commercial Construction, Institutional Construction, Industrial Construction, Infrastructure Construction, Residential Construction, Energy and Utilities Construction

Construction in the US-Key Trends and Opportunities to 2023

Summary

Following weak growth in 2017, construction growth in the US accelerated in 2018, owed in part to corporate tax cuts and increased infrastructure investment by state and local governments. As a result, the country's construction industry grew by 2.2% in real terms in 2018, compared to 0.4% in 2017. However, growth is projected to decelerate this year to 0.5% in 2019, largely due to a decline in residential investment and heightened policy uncertainty from the recent escalation of the US trade war with China, which is weighing on business sentiment and holding back investment in major construction projects.

On 1st August, President Donald Trump announced that he would impose a new 10% tariff on a further USD 300 billion of imported Chinese goods, ranging from clothes to smartphones, marking a sharp escalation of the ongoing trade war between the two countries. This new round of tariffs is in addition to the current tariffs of 25% on USD 250 billion of Chinese imports. Already, construction companies across the country are shifting supply chains and delaying capital expenditure as a result of the previous US tariff increases on Chinese products and foreign metals. This latest announcement of tariffs on Chinese imports, together with the effects of previous tariffs, will further undermine business confidence, and likely lead to weaker construction growth.

Growth is expected to recover to a compound annual growth rate (CAGR) of 1.1% over the remainder of the forecast period, supported by rising investments in infrastructure and energy and utilities projects.

- GlobalData expects the residential construction market to contract by 2.3% in 2019, before recovering to an annual average of 4.4% over the remainder of the forecast period. Despite falling mortgage rates, a solid job market, and a rising demand for mixed-use properties that is still supporting the housing market, expensive land, a lack of skilled labor and rising material prices (brought about by ongoing trade dispute between the US and China) are adding pressure to home prices and causing delays in home construction, as developers' incentive to build affordable houses is being reduced.

- GlobalData expects the forecasts period growth in the commercial construction market will decelerate to an annual average of 3.3% over the forecast period, down from 13% during the review period. In recent years, the growth of retail buildings construction has eased, owning in large part to the changing way US consumers are now shopping online through e-commerce giants such as Amazon and eBay. At the same time, slower economic growth and the effects of the increasing uncertainty generated by the recent escalation of the US trade war with China is further undermining consumer and business confidence.

- GlobalData expects the infrastructure construction market to record a forecast-period CAGR of 6.83% in nominal terms. Increasing demand for new infrastructure and maintenance works, along with urbanization growth and the rise in e-commerce, is creating significant investment opportunities, especially for the transportation sector. In July 2019, under the Infrastructure for Rebuilding America (INFRA) discretionary grant program, the US Department of Transportation (DOT) granted USD 856 million to develop railway and related infrastructure. Of the total investment, the government agreed to spend USD 135.5 million towards the rebuilding of two railway corridors in the country.

- Energy and utilities construction market's growth over the forecast-period will be supported by the government's investments to develop utilities infrastructure in the country. The 2020 budget has allocated funds to the Department of Agriculture to help maintain and modernize rural utilities by providing critical support for infrastructure, such as USD 528 million in funding for water and wastewater grants and loans that support USD 1.2 billion in water and wastewater direct loans.

- The total construction project pipeline in the US-as tracked by GlobalData, and including all mega projects with a value above USD 25 million-stands at USD 852.2 billion. The pipeline, which includes all projects from pre-planning to execution, is relatively skewed towards late stage projects, with 58.7% of the pipeline value being in projects in the pre-execution and execution stages as of October 2019.

GlobalData's Construction in the US-Key Trends and Opportunities to 2023 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.

Scope

This report provides a comprehensive analysis of the construction industry in the US. It provides-

- Historical (2014-2018) and forecast (2019-2023) 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.

READ MORE

Scope

Table of Contents

1 EXECUTIVE SUMMARY

2 CONSTRUCTION OUTLOOK: AT-A-GLANCE

3 LATEST NEWS AND INDICATORS

4 KEY DRIVERS AND RISKS

4.1. Economic Performance

4.2. Political Environment

4.3. Demographics

4.4. Risk Profile

5 CONSTRUCTION OUTLOOK

5.1. All Construction

5.1.1. Outlook

5.1.2. Project analytics

5.2. Commercial Construction

5.2.1. Outlook

5.2.2. Project analytics

5.3. Industrial Construction

5.3.1. Outlook

5.3.2. Project analytics

5.4. Infrastructure Construction

5.4.1. Outlook

5.4.2. Project analytics

5.5. Energy and Utilities Construction

5.5.1. Outlook

5.5.2. Project analytics

5.6. Institutional Construction

5.6.1. Outlook

5.6.2. Project analytics

5.7. Residential Construction

5.7.1. Outlook

5.7.2. Project analytics

6 KEY INDUSTRY PARTICIPANTS

6.1. Contractors

6.2. Consultants

7 APPENDIX

7.1. What is this Report About?

7.2. Definitions

8 ABOUT GLOBALDATA

8.1. GlobalData at a Glance

8.2. GlobalData Construction

8.3. Disclaimer

8.4. Contact Us


List Of Figure

List of Figures

Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix

Figure 2: The US, Construction Projects Pipeline by Sector (USD Billion)

Figure 3: The US, Total New Housing Units Permit Authorized (Numbers)

Figure 4: The US, New Housing Units Started (Total Numbers)

Figure 5: The US, Housing Price Index

Figure 6: The US, Risk Profile

Figure 7: The US, Risk Comparison

Figure 8: The US, Construction Output Value (Real, USD billion, 2017 prices and exchange rate)

Figure 9: The US, Construction Output Value, Growth Matrix

Figure 10: The US, Construction Output Value, by Sector (USD Million), 2014-2023

Figure 11: The US, Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 12: The US, Construction Projects Pipeline, Value by Stage (USD Million)

Figure 13: The US, Commercial Construction Output by Project Type (USD Million), 2014-2023

Figure 14: The US, Commercial Construction Projects Pipeline, Value by Stage (USD Million)

Figure 15: The US, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 16: The US, Industrial Construction Output by Project Type (USD Million), 2014-2023

Figure 17: The US, Industrial Construction Projects Pipeline, Value by Stage (USD Million)

Figure 18: The US, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 19: The US, Infrastructure Construction Output by Project Type (USD Million), 2014-2023

Figure 20: The US, Infrastructure Construction Projects Pipeline, Value by Stage (USD Million)

Figure 21: The US, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 22: The US, Energy and Utilities Construction Output by Project Type (USD Million), 2014-2023

Figure 23: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage (USD Million)

Figure 24: The US, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 25: The US, Institutional Construction Output by Project Type (USD Million), 2014-2023 37

Figure 26: The US, Institutional Construction Projects Pipeline, Value by Stage (USD Million)

Figure 27: The US, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 28: The US, Residential Construction Output by Project Type (USD Million), 2014-2023

Figure 29: The US, Residential Construction Projects Pipeline, Value by Stage (USD Million)

Figure 30: The US, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (USD Million), 2018-2023

Figure 31: The US, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 32: The US, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)

Figure 33: The US, Headquarters of Key Consultants (% of Total Project Pipeline)

Figure 34: The US, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)


List Of Table

List of Tables

Table 1: Construction Outlook

Table 2: The US, Key Economic Indicators

Table 3: The US, Construction Output Value (nominal, USD Million)

Table 4: The US, Top Commercial Construction Projects by Value

Table 5: The US, Top Industrial Construction Projects by Value

Table 6: The US, Top Infrastructure Construction Projects by Value

Table 7: The US, Top Energy and Utilities Construction Projects by Value

Table 8: The US, Top Institutional Construction Projects by Value

Table 9: The US, Top Residential and Mixed-Use Construction Projects by Value

Table 10: The US, Key Contractors

Table 11: The US, Key Consultants

Table 12: GlobalData Construction Market Definitions

Table 13: Construction Risk Index Ratings and Scores

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

Products

Construction, the US construction Industry, Commercial Construction, Institutional Construction, Industrial Construction, Infrastructure Construction, Residential Construction, Energy and Utilities Construction