North America Construction Market Size, Trend and Analysis by Sector, Competitive Landscape and Forecast to 2027

Powered by

Access in-depth insight and stay ahead of the market

Explore actionable market insights from the following data in the North America Construction Market’ report:

  • North America construction market outlook: analysis as well as historical figures and forecasts of opportunities from the sector and regional segments.
  • Key Insights on Leading Sectors: Commercial Construction, Energy and Utilities Construction, Industrial Construction, Infrastructure Construction, Institutional Construction, and Residential Construction.
  • Overview of the North America construction industry outlook to 2027.
  • Analysis of the construction output values (Real) in major countries: Canada and the US.
  • Dedicated section covering key industry participants by country including top consultants and contractors.

How is the ‘North America Construction Market’ report different from other reports in the market?

Businesses need to have a deeper understanding of the market dynamics to gain a competitive edge in the coming decade. Get the North America Construction Market’ report today, which will help you to:

  • 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.

We recommend this valuable source of information to anyone involved in:

  • 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

To Get a Snapshot of the North America Construction Market Report, Download a Free Report Sample

North America Construction Market Overview

The North America construction market size is expected to reach $1,772.5 billion in 2023 and is estimated to grow at a compound annual growth rate (CAGR) of 3.3% over the forecast period (2023-2027). The increased spending from the public and private sectors in the regional energy and infrastructure domain is projected to aid the market growth over the predicted timeline.

The energy and utilities construction sector in the North American region is projected to expand by 10.3% in real terms in 2023. The market is expected to depict an annual average growth rate of 8.7% in real terms from 2024 to 2027, supported by investments in regional renewable energy and oil and gas projects. Similarly, the regional infrastructure industry is expected to grow by 10.4% in real terms in 2023, aided by an increase in commitments to transport developments under the federal and regional governments’ 2023 Budgets.

North America Construction Market Outlook, 2018-2027 ($ Billion)

North America Construction Market Outlook, 2018-2027 ($ Billion)

Buy Full Report for Additional Insights on the North America Construction Market Forecast

Download a Free Sample

GlobalData expects the North America construction industry to shrink by 1.6% in real terms in 2023. The short-term outlook in the region is fairly bleak. To combat high levels of inflation both the US Federal Reserve (Fed) and the Central Bank of Canada have raised interest rates to levels not seen since 2008. The impact has come to a heavy detriment to the residential sector and is not likely to recover in the short term. The outlook over the latter part of the forecast period has been bolstered by the stronger outlook for infrastructure construction in the US.

Market Size (2023) $1,772.5 billion
CAGR (2023-2027) 3.3%
Historic Period 2018-2022
Forecast Period 2023-2027
Report Scope & Coverage Sector Overview, Construction Output Value ($ Million) by Country and Sector, Regional Outlook by Key Countries, Key Industry Participants
Key Sectors Commercial Construction, Energy and Utilities Construction, Industrial Construction, Infrastructure Construction, Institutional Construction, and Residential Construction
Key Countries The US and Canada

North America Construction Market Segmentation by Sectors

The North America construction industry covers commercial construction, energy and utilities construction, industrial construction, infrastructure construction, institutional construction, and residential construction. The residential construction category is predicted to account for the largest regional share in terms of construction output value (Real) in 2023.

Residential Construction: Despite its recent turbulences owing to the high mortgage rates, along with high construction costs and supply chain disruptions, the residential segment is anticipated to dominate the regional dynamics in 2023. The segment is predicted to shrink by 10.4% in real terms this year followed by a degrowth of 2.4% in 2024.

In addition, according to the US Census Bureau, new privately-owned residential building permits authorized declined by 21% YoY in the first four months of 2023 and construction of new housing starts fell by 15.5% in the first five months of 2023.

North America Construction Market Analysis by Sectors, 2023 (%)

North America Construction Market Analysis by Sectors, 2023 (%)

Buy Full Report for Detailed Insights on North America Construction Market Segments

 Download a Free Sample

Institutional Construction: The segmental growth is likely to remain stable over the forecast period, supported by the increased public and private investment in educational and healthcare projects. This segment is projected to expand by 3.8% in real terms in 2023.

According to the US Census Bureau, the total value of construction put in place on educational and healthcare buildings increased YoY by 11.4% and 13.6% in the first four months of 2023 in nominal terms, respectively, which is higher by 2.7% and 28.1% compared to the same period of pre-pandemic levels in 2019.

Infrastructure Construction: The regional infrastructure sector is expected to observe the fastest compound annual growth rate (CAGR) of 9.3% over the forecast period. The sectoral growth momentum is driven by public spending to upgrade and modernize the existing transportation network. For instance, as of June 2023, the US government had announced $157.2 billion in transportation development projects including roads, bridges, public transportation, ports, and airports through the Rebuilding Infrastructure programme.

However, inflationary pressures, higher construction material prices, skilled and unskilled labor shortages, and the US debt ceiling may slow the rate of IIJA project executions in the short term, challenging contractors’ work. The Associated General Contractors of America (AGC) survey report released in March 2023 revealed that nearly 39% of contractors reported projects were postponed in 2022.

Industrial Construction: This segment is anticipated to account for the smallest regional share in real terms in 2023. The sectoral growth over the predicted timeline is expected to be driven by steady investments from the private sector. For instance, the White House reported that private companies had pledged $491 billion to invest in the domestic sector through the “Manufacturing the Future” program.

This commitment has resulted in a sharp increase in total construction put in place in the manufacturing sector by 83.8% YoY in nominal terms in January-April 2023, a 109.5% increase over the same period of pre-pandemic levels in 2019.

Energy and Utilities Construction: The energy and utilities construction segment is expected to account for the second-largest regional share in real terms in 2023. The segmental growth is likely to remain stable over the forecast period, supported by the eased investments in renewable energy and oil and gas projects.

For instance, the Energy Information Administration (EIA) stated in February 2023 that US developers plan to add 54.5GW of new electric generating capacity in 2023, with the majority of 54% to be powered by solar energy projects (29.1GW), followed by 17% from the battery (9.4GW), 14% from natural gas (7.5GW), 11% from wind energy (6GW), and 4% from nuclear energy (2.2GW).

Commercial Construction: The regional commercial construction industry is predicted to grow by 3.4% in real terms in 2023 owing to improvements in commercial project developments, along with positive indicators in underlying tourism and commercial business activities.

The regional commercial sector is expected to showcase an annual average growth rate (AAGR) of 2.6% from 2024 to 2027. The US commercial construction industry in particular is anticipated to remain a key driver for the market growth over the forecast period. According to the US Census Bureau, the total value of commercial building construction in nominal terms increased by 23.7 YoY % in the first four months of 2023, with the total value of lodging construction increasing by 41.1% and office construction increasing by 14.3%.

North America Construction Market Segmentation by Region

The North America construction sector is primarily dominated by the US, followed by Canada in terms of real construction output value. The US accounted for the majority of the regional share and is expected to showcase a compound annual growth rate of 3.6% over the forecast period.

The US construction industry is predicted to decline marginally in real terms in 2023 owing to the inflationary pressure and high-interest rates coupled with labor shortages. According to the US Bureau of Economic Analysis, the real gross output of the construction industry fell by 6.6% YoY in Q1 2023, declining from $1.4 trillion in Q1 2022 to $1.3 trillion in Q1 2023. This was preceded by a Y-o-Y decline of 8.2% in Q4 and 9.6% in Q3 2022. Overall, the real gross output of the construction industry declined by 8.2% in 2022. This was preceded by annual growth of 1% in 2021.

Although the sentiment is largely negative there are signs that overall output will start to improve again in 2024; major fiscal stimulus packages such as the IIJA, IRA and the CHIPS and Science Act will likely aid the recovery in infrastructure, industrial, and energy construction, driving growth over the forecast period.

Canada’s construction industry to decline by 5.2% this year, owing to a sharp fall in the residential sector amid a tightening in monetary policy and a weaker economic outlook. High construction costs and a skilled labor shortage are also factors that will dampen activity in the industry.

According to the Bank of Canada’s April 2023 Monetary Policy Report, economic growth is expected to slow from 3.4% in 2022 to 1.4% in 2023 and 1.3% in 2024, with inflation of 3.5% in 2023 and 2.3% in 2024. In April 2023, the IMF forecast that the Canadian economy will grow by 1.5% in 2023 and 2024, with inflation easing to 3.9% in 2023 and 2.4% in 2024.

North America Construction Market Analysis by Country, 2023 (%)

North America Construction Market Analysis by Country, 2023 (%)

Buy Full Report for Additional Regional Insights on the North America Construction Market

Download a Free Sample

North America Construction Market Segments and Scope

North America Construction Sectors Outlook (Value, $ Million, 2018-2027)

  • Commercial Construction
  • Energy and Utilities Construction
  • Industrial Construction
  • Infrastructure Construction
  • Institutional Construction
  • Residential Construction

North America Construction Countries Outlook (Value, $ Million, 2018-2027)

  • Canada
  • US

Key Highlights

The North America construction market size will be evaluated at $1,722.5 billion in 2023. The construction market in the North America region is expected to grow at a CAGR of 3.3% during 2023-2027.

Key Players

Table of Contents

  • CHAPTER 01 Executive Summary
  • CHAPTER 02 Construction Outlook

    • 2.1 All Construction
    • 2.2 Commercial Construction
    • 2.3 Energy and Utilities Construction
    • 2.4 Industrial Construction
    • 2.5 Infrastructure Construction
    • 2.6 Institutional Construction
    • 2.7 Residential Construction

  • CHAPTER 03 Construction Outlook – Country Level

    • 3.1 Canada

      • 3.1.1 Construction Market Overview
      • 3.1.2 Key Industry Participants

    • 3.2 US

      • 3.2.1 Construction Market Overview
      • 3.2.2 Key Industry Participants

  • CHAPTER 04 North America Construction Regional Trends

    • 4.1 North America Construction Market Data

      • 4.1.1 Canada Construction Market Data
      • 4.1.2 US Construction Market Data

  • CHAPTER 05 Research Methodology

    • 5.1 Introduction
    • 5.2 Research Methodology Steps

      • 5.2.1 Data Collection and Consolidation
      • 5.2.2 Modelling and Estimation
      • 5.2.3 Forecasting and Validation

  • CHAPTER 06 About GlobalData
  • Contact Us

Table

Table 1 North America Construction Output Value (Real $ Million) and Growth (% Change), 2018-27

Table 2 North America, Construction Output by Sector (Real % Change), 2018–27

Table 3 North America, Commercial Construction Output by Project Type (Real % Change), 2018–27

Table 4 North America, Energy and Utilities Construction Output by Project Type (Real % Change), 2018–27

Table 5 North America, Industrial Construction Output by Project Type (Real % Change), 2018–27

Table 6 North America, Infrastructure Construction Output by Project Type (Real % Change), 2018–27

Table 7 North America, Institutional Construction Output by Project Type (Real % Change), 2018–27

Table 8 North America, Residential Construction Output by Project Type (Real % Change), 2018–27

Table 9 Canada, Top Construction Projects by Value

Table 10 Canada, Key Contractors

Table 11 Canada, Key Consultants

Table 12 US, Top Construction Projects by Value

Table 13 US, Key Contractors

Table 14 US, Key Consultants

Table 15 North America Construction Output Value, by Sector (Real $ Million), 2022–27

Table 16 Canada Construction Output Value, by Sector (Real $ Million), 2022–27

Table 17 US Construction Output Value, by Sector (Real $ Million), 2022–27

Figures

Fig.1 North America Construction Output Value (Real $ Million) and Growth (% Change), 2018-27

Fig.2 North America, Construction Output Value, by Sector (Real, $ Million), 2018–27

Fig.3 North America, Commercial Construction Output by Project Type (Real, $ Million), 2018–27

Fig.4 North America,  Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018–27

Fig.5 North America,  Industrial Construction Output by Project Type (Real, $ Million), 2018–27

Fig.6 North America,  Infrastructure Construction Output by Project Type (Real, $ Million), 2018–27

Fig.7 North America,  Institutional Construction Output by Project Type (Real, $ Million), 2018–27

Fig.8 North America,  Residential Construction Output by Project Type (Real, $ Million), 2018–27

Fig.9 Canada, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018–27

Fig.10 Canada, Construction Output Value, by Sector (Real, $ Million), 2018–27

Fig.11 US, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018–27

Fig.12 US, Construction Output Value, by Sector (Real, $ Million), 2018–27

Fig.13 Research Methodology Steps

Fig.14 Core Objectives of Data Collection and Consolidation

Fig.15 Modelling Approach

Fig.16 Forecasting and Validation Flow

Fig.17 GlobalData Proposition and Product Capabilities

Fig.18 GlobalData Sector Coverage

Frequently asked questions

Currency USD
$1,995

Can be used by individual purchaser only

$3,990

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

We are confident about North America Construction Market Size, Trend and Analysis by Sector, Competitive Landscape and Forecast to 2027 report's unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at North America Construction Market Size, Trend and Analysis by Sector, Competitive Landscape and Forecast to 2027 in real time.

  • Access a live North America Construction Market Size, Trend and Analysis by Sector, Competitive Landscape and Forecast to 2027 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.