United States (US) Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027
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US Construction Market Report Overview
The US construction market size was $2.1 trillion in 2022. The market is projected to achieve an AAGR of more than 4% during 2024-2027. The market output will be supported by investment in the energy, transportation, housing, and manufacturing sectors.
United States (US) Construction Market Outlook, 2022-2027 ($ Trillion)
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The United States (US) construction market research report provides detailed market analysis, information, and insights into the US construction industry, including the industry’s growth prospects by market, project type, and construction activity. The report also delivers critical insight into the impact of industry trends and issues and an analysis of key risks and opportunities in the construction industry of US. It also analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report discusses the sectors in the construction market and provides an overview of each sector along with their driving factors.
| Market Size (2022) | $2.1 Trillion |
| AAGR (2024-2027) | >4% |
| Forecast Period | 2023-2027 |
| Historical Period | 2018-2022 |
| Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
| Key Contractors | · Actividades de Construccion y Servicios SA
· Tutor Perini Corp · Bechtel Group Inc · Skanska AB · Parsons Corp |
| Key Consultants | · AECOM
· Jacobs Solutions Inc · WSP Global Inc · HNTB Corp · STV Group Inc |
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US Construction Market Segmentation by Sectors
Residential construction was the leading sector in the US construction market in 2022.
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. The commercial sector’s growth will be supported by a stronger construction pipeline of leisure and hospitality, retail, and data centre projects.
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 sector growth during the forecast period will be supported by the government’s stimulus packages including CHIPS and Science Act and the IRA will continue to support the expansion in investment and output in the coming years.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The growth of the sector will be supported by the steady increase of execution in infrastructure programs by Federal and regional governments in order to improve and expand transportation networks.
Energy and utility construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The growth of the sector will be supported by the government’s goal of having 100% clean power by 2035 and cutting 2005 climate pollution levels in half by 2030.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Forecast-period growth in the institutional construction sector will be supported by investments and developments in healthcare and education building projects.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The growth will be supported by the government’s investments in affordable housing units to address the current housing deficit of more than six million homes.
US Construction Market Analysis by Sectors, 2022 (%)
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US Construction Market - Competitive Landscape
Actividades de Construccion y Servicios SA was the leading contractor and AECOM was the leading consultant in the US construction market in 2022.
Some of the leading contractors in the US construction market are:
- Actividades de Construccion y Servicios SA
- Tutor Perini Corp
- Bechtel Group Inc
- Skanska AB
- Parsons Corp
Domestic contractors account for a majority share of the project pipeline in the US construction market.
US Construction Market Analysis by Contractors, 2022 (%)
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Some of the leading consultants in the US construction market are:
- AECOM
- Jacobs Solutions Inc
- WSP Global Inc
- HNTB Corp
- STV Group Inc
Consultants with headquarters within US are involved in most of the project pipeline by value.
US Construction Market Analysis by Consultants, 2022 (%)
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US Construction Market – Latest Developments
- Mandarin Oriental, a hospitality company, announced plans to build a new hotel project in Miami, Florida, in July 2023. The project, which is set to open in 2030, will be developed by Swire Properties, to be located on the waterfront along the southwest portion of Brickell Key.
- In September 2023, Google announced plans for a new data centre in Red Oak, Texas. The investment is aimed at meeting the growing digital needs of consumers and businesses.
Segments Covered in the Report
US Construction Sectors Outlook (Value, $ Trillion, 2018-2027)
- 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 US.
- Historical and forecast valuations of the construction industry in 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
Frequently asked questions
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What was the US construction market size in 2022?
The construction market size in US was $2.1 trillion in 2022.
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What is the US construction market growth rate?
The construction market in US is projected to achieve an AAGR of more than 4% during 2024-2027.
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Which was the leading sector in the US construction market in 2022?
Residential construction was the leading sector in the US construction market in 2022.
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Which are the leading contractors in the US construction market?
Some of the leading contractors in the US construction market are Actividades de Construccion y Servicios SA, Tutor Perini Corp, Bechtel Group Inc, Skanska AB, and Parsons Corp.
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Who are the leading consultants in the US construction market?
Some of the leading consultants in the US construction market are AECOM, Jacobs Solutions Inc, WSP Global Inc, HNTB Corp, and STV Group Inc.
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