United States (US) Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028

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United States (US) Construction Market Report Overview

The United States (US) construction market size was $2.3 trillion in 2023. The market will achieve an AAGR of more than 4% during 2025-2028 strengthened by investments in the energy, transportation, housing, and manufacturing sectors.

US Construction Market Outlook, 2023-2028 ($ Trillion)

US Construction Market Outlook, 2023-2028 ($ Trillion)

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The US construction market research report gives a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence the US construction market growth in the coming years.

Market Size (2023) $2.3 trillion
AAGR (2025-2028) >4%
Forecast Period 2023-2028
Historical Period 2019-2022
Key Sectors ·        Commercial Construction

·        Industrial Construction

·        Infrastructure Construction

·        Energy and Utilities Construction

·        Institutional Construction

·        Residential Construction

Key Contractors ·        Actividades de Construccion y Servicios

·        Tutor Perini

·        Bechtel Group

·        Skanska

·        Parsons

Key Consultants ·        AECOM

·        Jacobs Solutions

·        WSP Global

·        HNTB

·        STV Group

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US Construction Market Segmentation by Sectors

The residential construction sector accounted for the highest market share in the US construction market in 2023

The key sectors in the US construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.

Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. Over the forecasted period, a stronger construction pipeline of leisure and hospitality, retail, and data center projects will support the commercial sector’s output.

Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. The US major acts including CHIPS and Science Act, and the Inflation Reduction Act (IRA), will continue to strengthen long-term investments and project development, thereby driving the market during the forecast period.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government’s continued investment in expanding transportation networks across the country through major programs and schemes will drive the infrastructure construction sector growth in the coming years.

Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Increasing renewable projects in line with the country’s goal of having 100% clean power by 2035 and cutting 2005 climate pollution levels in half by 2030 will support the sector’s growth.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The continuous investment and development of healthcare and educational infrastructure projects will fuel the sector’s growth during the forecast period.

Residential construction: The project types in this sector include single-family housing and multi-family housing. In the long-term, government investment into more than six million affordable homes will address the current housing deficit and support output.

US Construction Market Analysis by Sectors, 2023 (%)

US Construction Market Analysis by Sectors, 2023 (%)

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US Construction Market - Competitive Landscape

Actividades de Construccion y Servicios emerged as the leading contractor and AECOM was the leading consultant in the US construction market in 2023

A few of the leading contractors in the US construction market are:

  • Actividades de Construccion y Servicios
  • Tutor Perini
  • Bechtel Group
  • Skanska
  • Parsons

Domestic contractors account for most of the project pipeline in the US construction market.

US Construction Market Analysis by Contractors, 2023 (%)

US Construction Market Analysis by Contractors, 2023 (%)

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A few of the leading consultants in the US construction market are:

  • AECOM
  • Jacobs Solutions
  • WSP Global
  • HNTB
  • STV Group

Consultants with headquarters within the US are involved in most of the project pipeline by value.

US Construction Market Analysis by Consultants, 2023 (%)

US Construction Market Analysis by Consultants, 2023 (%)

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US Construction Market - Latest Developments

  • The largest commercial project currently in the pipeline is the One Central Mixed-Use Complex project. The project involves the construction of a mixed-use community, comprising 12 buildings on 13ha of land in Chicago.
  • The largest institutional project currently in the pipeline is the Rochester Medical Campus Expansion project It involves the construction of 223,000m2 of healthcare space comprising five buildings.

Segments Covered in the Report

US Construction Sectors Outlook (Value, $ Trillion, 2019-2028)

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

Scope

This report provides:

  • A comprehensive analysis of the construction industry in the US.
  • Historical and forecast valuations of the construction industry in the US, featuring details of key growth drivers.
  • Segmentation by sector 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.

Table of Contents

  1. Executive Summary
  2. Construction Industry: At-a-Glance
  3. Context

    • Economic Performance
    • Political Environment and Policy
    • Demographics
    • Risk Profile

  4. Construction Outlook

    • All Construction

      • Outlook
      • Latest news and developments
      • Construction Projects Momentum Index

    • Commercial Construction

      • Outlook
      • Project analytics
      • Latest news and developments

    • Industrial Construction

      • Outlook
      • Project analytics
      • Latest news and developments

    • Infrastructure Construction

      • Outlook
      • Project analytics
      • Latest news and developments

    • Energy and Utilities Construction

      • Outlook
      • Project analytics
      • Latest news and developments

    • Institutional Construction

      • Outlook
      • Project analytics
      • Latest news and developments

    • Residential Construction

      • Outlook
      • Project analytics
      • Latest news and developments

    • Construction in Key US States

      • California

        • Outlook
        • Latest news and developments

      • Florida

        • Outlook
        • Latest news and developments

      • Texas

        • Outlook
        • Latest news and developments

      • New York

        • Outlook
        • Latest news and developments

      • Pennsylvania

        • Outlook
        • Latest news and developments

      • Georgia

        • Outlook
        • Latest news and developments

      • Illinois

        • Outlook
        • Latest news and developments

      • Ohio

        • Outlook
        • Latest news and developments

      • Washington

        • Outlook
        • Latest news and developments

      • North California

        • Outlook
        • Latest news and developments

  1. Key Industry Participants

    • Contractors
    • Consultants

  2. Construction Market Data
  3. Appendix

    • What is this Report About?
    • Definitions
    • CRI Methodology

  4. About GlobalData
  5. Contact Us

Table

Table 1: Construction Industry Key Data

Table 2: The US, Key Economic Indicators

Table 3: The US, Commercial Construction Output by Project Type (Real % Change), 2019–28

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

Table 5: The US, Industrial Construction Output by Project Type (Real % Change), 2019–28

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

Table 7: The US, Infrastructure Construction Output by Project Type (Real % Change), 2019–28

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

Table 9: The US, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28

Table 10: The US, Top Energy and Utilities Construction Projects by Value

Table 11: The US, Institutional Construction Output by Project Type (Real % Change), 2019–28

Table 12: The US, Top Institutional Construction Projects by Value

Table 13: The US, Residential Construction Output by Project Type (Real % Change), 2019–28

Table 14: The US, Top Residential Construction Projects by Value

Table 15: California, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 16: California, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28

Table 17: Florida, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 18: Florida, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28

Table 19: Texas, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 20: Texas, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28

Table 21: New York, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 22: New York, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28

Table 23: Pennsylvania, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 24: Pennsylvania, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28

Table 25: Georgia, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 26: Georgia, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28

Table 27: Illinois, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 28: Illinois, Construction Output by Sector (Real, $ Billion, 2017 Prices), 2019–28

Table 29: Ohio, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 30: Ohio, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28

Table 31: Washington, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 32: Washington, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28

Table 33: North Carolina, Construction Output by Sector (Nominal $ Billion), 2019–28

Table 34: North Carolina, Construction Output by Sector (Real, $ Billion, 2022 Prices), 2019–28

Table 35: The US, Key Contractors

Table 36: The US, Key Consultants

Table 37: The US, Construction Output Value (Real, $ Million)

Table 38: The US, Construction Output Value (Nominal, $ Million)

Table 39: GlobalData Construction Market Definitions

Table 40: Risk Dimensions

Table 41: Ratings, Scores and Definitions

Figures

Figure 1: North America, Construction Output (Real % Change), 2022–28

Figure 2: The US, Construction Output by Sector (Real % Change), 2022–24 and 2025–28

Figure 3: The US, Risk Summary

Figure 4: The US, Risk Regional Comparison

Figure 5: The US, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28

Figure 6: The US, Construction Output Value, by Sector (Real, $ Million), 2019–28

Figure 7: The US, Value of Construction Put in Place ($ Billion, Nominal Seasonally Adjusted), YoY % Change

Figure 8: The US, Number of People Employed in the Construction Industry, In Thousands

Figure 9: US Construction Projects Momentum Index

Figure 10: North America, Construction Projects Momentum Index

Figure 11: The US, Commercial Construction Output by Project Type (Real, $ Million), 2019–28

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

Figure 13: The US, Value of Lodging, Office, and Commercial Construction Put in Place ($ Billion, Nominal), YoY % Change

Figure 14: The US, Total International Tourist Arrivals

Figure 15: The US, Total Retail Sales Value (In $ Billion, Seasonally Adjusted, in Nominal Terms)

Figure 16: The US, Industrial Construction Output by Project Type (Real, $ Million), 2019–28

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

Figure 18: The US, Total Manufacturing Construction Put in Place ($ Million, Nominal)

Figure 19: The US, Industrial and Manufacturing Production Indices (2017=100, Seasonally Adjusted)

Figure 20: The US, Total Exports ($ Billion, Seasonally Adjusted)

Figure 21: The US, Total Manufacturing New Order Value ($ Billion, Seasonally Adjusted)

Figure 22: The US, Infrastructure Construction Output by Project Type (Real, $ Million), 2019–28

Figure 23: The US, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 24: The US, Total Transportation Construction Put in Place (US$ Million, Non-Seasonally Adjusted), YoY % Change

Figure 25: The US, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28

Figure 26: The US, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 27: The US, Total Power Construction Put in Place (US$ Million, Non-Seasonally Adjusted)

Figure 28: The US, Construction Put in Place on Water Supply and Sewage and Waste Disposal Infrastructure (US$ Million, Non-Seasonally Adjusted)

Figure 29: The US, Total Communication Construction Put in Place (US$ Million, Non-Seasonally Adjusted)

Figure 30: The US, Institutional Construction Output by Project Type (Real, $ Million), 2019–28

Figure 31: The US, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 32: The US, Total Educational, Healthcare, Public Safety and Religious Buildings Construction Value Put in Place (US$ Billion, Seasonally Adjusted)

Figure 33: The US, Residential Construction Output by Project Type (Real, $ Million), 2019–28

Figure 34: The US, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 35: The US, Total Residential Construction Value Put in Place (US$ Million, Non-Seasonally Adjusted)

Figure 36: The US, Total New Housing Units Permit Authorized (Seasonally Adjusted, In Thousand)

Figure 37: The US, Housing Starts (Unadjusted), In Thousands

Figure 38: The US, New Home Sales, in Thousands, In Seasonally-Adjusted Annual Rate

Figure 39: The US, Price Index of New Single-Family Houses Under Construction (2005=100)

Figure 40: California, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 41: California, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 42: California, Construction Employment

Figure 43: Florida, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 44: Florida, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 45: Florida, Construction Employment

Figure 46: Texas, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 47: Texas, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 48: Texas, Construction Employment

Figure 49: New York, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 50: New York, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 51: New York, Construction Employment

Figure 52: Pennsylvania, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 53: Pennsylvania, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 54: Pennsylvania, Construction Employment

Figure 55: Georgia, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 56: Georgia, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 57: Georgia, Construction Employment

Figure 58: Illinois, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 59: Illinois, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 60: Illinois, Construction Employment

Figure 61: Ohio, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 62: Ohio, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 63: Ohio, Construction Employment

Figure 64: Washington, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 65: Washington, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 66: Washington, Construction Employment

Figure 67: North Carolina, Construction Output Value (Real, $ Billion, 2022 Prices), 2019–28

Figure 68: North Carolina, New Privately Owned Housing Units Authorized by Building Permits (% change YoY)

Figure 69: North Carolina, Construction Employment

Figure 70: The US, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 71: The US, Headquarters of Key Consultants (% of Total Project Pipeline)

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