North America Construction Market Size, Share, Trends and Analysis by Sector, Country and Segment Forecast to 2028
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Accessing the in-depth insights from the ‘North America Construction’ report can help:
- Access the historical and forecast valuations of the North American construction market in real terms from 2019 to 2028.
- Examine the sectors and sub-sectors within the North American construction market.
- Foresee shift in the construction landscape for key regional countries including the US and Canada
- Analyze the mega-project pipeline, including breakdowns by development stage across all sectors.
- Assess the projected spending on projects in the existing pipeline.
- Learn about key industry participants including contractors and consultants for each of the regional countries.
How is our ‘North America Construction’ report different from other reports in the market?
- The report explores the different sectors of the construction industry in North America through a detailed investigation of the output values from 2019 to 2028.
- The study entails country-specific details covering construction output value in real terms along with a list of projects and key industry participants.
- Detailed segmentation by sector– Commercial Construction, Energy and Utilities Construction, Industrial Construction, Infrastructure Construction, Institutional Construction, and Residential Construction
- Detailed segmentation by country– Canada and the US
- With more than 30+ charts and tables, the report is designed with an easy digestible qualitative content.
- Identify the key growth enablers and target commercial opportunities through a strategic plan.
- Formulate steps to success while leveraging key construction insights from the report.
We recommend this valuable source of information to:
- Contractors Including Civil Works, Electrical, HVAC, and Others
- Consultants/Designers
- Building Material Merchants/Players
- Management Consultants and Investment Banks
- Portfolio Managers/Buy-Side Firms
- Strategy and Business Development
- Investment Banking
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North America Construction Market Report Overview
The North American construction market size revenue is projected to reach $2,585.8 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of more than 3% over the forecast period. Continued urbanization, population growth, and the need for modern infrastructure propel demand across residential, commercial, and industrial sectors. Government initiatives for infrastructure development, including transportation, energy, and public facilities, further bolster market growth. Moreover, increasing focus on sustainability and green building practices shapes the market, with a growing demand for energy-efficient and environmentally friendly construction projects.
The regional construction market is observing a steady build-up in both public and private investments. For instance, as per the statistics released by the US White House, nearly $688 billion worth of investments are pledged by private companies as part of an initiative “Manufacturing the Future”. This commitment to investing in different industrial verticals includes semiconductors & electronics ($245 billion), EVs & batteries ($165 billion), clean energy manufacturing ($77 billion), biomanufacturing ($27 billion), heavy industry ($33 billion), and clean power ($141 billion).
North America Construction Market Outlook, 2019-2028 ($Billion)
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The regional dynamics improved primarily supported by the growth of the US construction sector which accounted for a majority share in real terms in 2023. For example, according to data from the US Census Bureau, the total construction put in place experienced a nearly 7% year-over-year growth in nominal value in 2023, with the non-residential sector emerging as a key driver, showing an annual growth rate of over 19%. This growth in the non-residential sector, supported by the robust performance of the US construction industry, contributed significantly to regional dynamics, representing a majority share in real terms in 2023.
On the other hand, the Canadian construction industry showcased a negative growth trajectory in 2023 owing to the declining number of new building permits. As per the data released by Statistics Canada, the total value of building permits declined by over 7% on a YoY basis in 2023. This downfall was primarily attributed to the 14% YoY fall in new residential building permits.
Over the forecast period, the regional growth momentum is likely to pick up with an annual average growth rate (AAGR) of over 3.5% from 2025 to 2028. This growth is predicted to be supported by the increasing focus of the US and Canadian governments on the development of industrial, energy, and infrastructure sectors. For example, in October 2023, the US government announced the allocation of $61 billion in funds to support investments in critical infrastructure including roads, tunnels, and bridges. Similarly, in November 2023, the government of Canada launched the Critical Minerals Infrastructure Fund (CMIF) of $1.2 billion, to support projects of clean energy, electrification, and transportation over the next seven years.
| Market Size (2024) | $2,585.8 billion |
| CAGR (2024 to 2028) | >3% |
| Forecast Period | 2024-2028 |
| Historic Data | 2019-2023 |
| Report Scope & Coverage | Sector Overview, Construction Output Value ($Million) by Country and Sector, Top Project List, Key Industry Participants |
| Key Sectors | Commercial Construction, Energy and Utilities Construction, Industrial Construction, Infrastructure Construction, Institutional Construction, and Residential Construction |
| Geography | North America |
| Countries | The US and Canada |
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North America Construction Market Segmentation by Sectors
The residential construction sector is predicted to dominate the regional market in terms of output value (Real) in 2024. This sector at a regional level recorded a declining trend in 2022 and 2023, owing to the weak macroeconomic conditions. The high inflationary pressure and elevated mortgage rates directly impacted the new residential building permits during this timeline. For example, new housing construction in the US declined by 9% in 2023 as compared to the previous year. A similar trend was observed in Canada as well over the mentioned timeframe.
The energy and utilities construction sector is set to emerge as the second-largest segment in 2024 in terms of output value (Real). The segment registered strong growth in 2023 and is expected to continue on a similar trajectory over the forecast period, aided by the rising spending on clean energy projects. For instance, in April 2024, the US Department of Interior announced that it has permitted over 25 gigawatts of clean energy sites including solar, wind, and geothermal projects. Similarly, in November 2023, to cut down carbon emissions in Canada, over $161 million was allocated for the construction of a new 230kV transmission line in the Southwest Manitoba region. The project is set to cut down carbon dioxide emissions by around 37%.
The regional commercial construction sector is set to record stable growth with an anticipated annual average growth rate of over 1% from 2025 to 2028. The segmental growth over the forecast period is set to be supported by the rising investments in data centers. For example, in February 2024, Meta announced its plans to invest approximately $800 million to establish a 700,000-square-foot facility in Jeffersonville, Indiana. The building of this data center is set to generate over 1,000 construction jobs during peak construction activity and an additional 100 operational jobs.
North America Construction Market Share by Sectors, 2024 (%)
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The regional infrastructure construction segment is set to record a double-digit YoY growth in 2024 and is projected to follow a similar growth trend over the predicted timeline. This segmental growth is to be aided by continuous investment from the regional governments to expand the transportation network. For example, in the US, as part of the Rebuilding Infrastructure Program, the government announced an investment of $285 billion for the development of roads, ports, airports, and bridges. Similarly, in Canada, the Ontario state government in March 2022 announced a ten-year plan to develop a local transportation network. This ten-year investment plan includes an allocation of over $65 billion for the construction of rail corridors, highways, and subways.
The regional institutional construction sector is poised to register a compound annual growth rate (CAGR) of 3.0% over the forecast period. The segmental growth over the predicted timeline will be supported by investments in education and healthcare domains. For example, in February 2024, the state government of Saskatchewan in Canada awarded a contract worth $898 million to PCL Construction Management Inc. (PCL). The contract work includes the building of a new acute care tower at Prince Albert Victoria Hospital with features such as a helipad on the roof, operating rooms, an emergency department, and other services.
The industrial segment is predicted to emerge as the smallest category in 2024. The segmental growth over the projected timeframe is to be aided by the mining expansion activities. For instance, in August 2023, ArcelorMittal awarded pit development work for its Mont-Wright mine in the Quebec region to Bird Construction for an undisclosed sum. The contract work includes stripping, drilling, and blasting of 24 million tons of waste and iron ore.
North America Construction Market Analysis by Country
The North American construction industry registered a growth in output value in real terms in 2023. The market scenario is set to remain in a similar mode in 2024, however, the YoY growth is estimated to decline by approximately 0.6% as compared to the previous year. This decline is partially influenced by the slowdown in the construction sector of Canada in 2024.
The construction sector in Canada is poised to record a negative trajectory in 2024 owing to the expected decline in the domestic housing market. As per the National Housing Agency, the weak housing conditions are influenced by the surge in borrowing costs making new projects less attractive to developers. Moreover, as per the forecast given by the Canadian Mortgage and Housing Corporation (CMHC), new home construction is estimated to decline from 240,267 units in 2023 to 224,485 units in 2024, a decline of over 6% on a YoY basis.
North America Construction Market Share by Country, 2024 (%)
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The US construction sector is estimated to emerge as the dominant regional market in 2024 and is expected to continue its dominance over the projected timeline. The construction market in the US is predicted to be swayed by infrastructure spending. The domestic infrastructure sector is set to register an annual average growth rate (AAGR) of over 11% from 2025 to 2028, supported by the government’s effort to amplify the transportation infrastructure across the country. For example, in January 2024, the federal government announced funding of nearly $5 billion in 37 projects through two grant programs including National Infrastructure Project Assistance and Infrastructure for Rebuilding America.
Another key sector that is poised to showcase its influence on the US construction market over the forecast period is the energy and utilities category. This segment is projected to record a compound annual growth rate of over 8% over the predicted timeline. The segmental growth is to be primarily driven by the increasing investments in renewable energy projects. For instance, in January 2024, the United States Department of Agriculture (USDA) announced an investment of $157 million across 42 states through the Rural Energy America Program (REAP).
North America Construction Market Segments
GlobalData Plc has segmented the North America construction market report by sectors and country:
North America Construction Market Sectors Outlook (Revenue, $Million, 2019-2028)
- Commercial Construction
- Energy and Utilities Construction
- Industrial Construction
- Infrastructure Construction
- Institutional Construction
- Residential Construction
North America Construction Market Countries Outlook (Revenue, $Million, 2019-2028)
- US
- Canada
Scope
The market intelligence report provides an in-depth analysis of the following –
• North America construction market outlook: analysis as well as historical figures and forecasts of opportunities from the sector and regional segments.
• The report provides an overview of the outlook for the North America construction industry to 2028.
• Analysis of the construction output values (Real) in major countries: Canada and the US.
• Insight into the sectoral movement covering commercial construction, energy and utilities construction, industrial construction, infrastructure construction, institutional construction, and residential construction.
• Dedicated section covering key industry participants by country including top consultants and contractors.
Key Highlights
The North America construction market size will be evaluated at $2,585.8 billion in 2024. The construction market in the North America region is expected to grow at a CAGR of 3.7% during 2024-2028.
Reasons to Buy
• Evaluate regional trends in construction development from insight into output values and project pipelines. Identify the fastest growers to enable assessment and targeting of commercial opportunities in the markets best suited to strategic focus.
• Identify the drivers in the North America construction market and consider growth in developed economies. Formulate plans on where and how to engage with the market while minimizing any negative impact on revenues.
• Accompanying GlobalData’s Forecast products, the report examines the assumptions and drivers behind ongoing and upcoming trends in the North America construction market.
Key Players
Table of Contents
Table
Figures
Frequently asked questions
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What will be the North America construction market size in 2024?
The North America construction market size is expected to be valued at $2,585.8 billion in 2024.
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What is the North America construction market growth rate?
The North America construction market is forecast to grow at a CAGR of more than 3% during the forecast period.
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What is the key North America construction market driver?
The North America construction market growth is primarily driven by increasing government spending on the development of regional transportation networks.
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Which will be the leading sectors in the North America construction market in 2024?
The residential construction category is predicted to account for the largest North America construction market share in 2024.
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Is there a third level of segmentation in the report?
GlobalData’s focus is on providing reliable and accurate data that is supported by robust research methodology. Our reports undergo rigorous quality checks and are based on primary and secondary research sources, ensuring that the numbers and insights provided are trustworthy. However, despite the best efforts to gather comprehensive data, there could be instances where the available data is limited, making it challenging to provide third-level segmentation. In such cases, GlobalData may choose to provide high-level insights and general trends rather than forcing segmentation that may not be backed by sufficient data. This approach ensures that the report’s overall quality and credibility are maintained.
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