Dublin, Feb. 22, 2022 (GLOBE NEWSWIRE) -- The "United States Construction Industry Databook - Market Size & Forecast by Value and Volume Q1 2022" report has been added to ResearchAndMarkets.com's offering.
The construction industry in United States is forecast to grow by 8.8% to reach USD 1,355,097 million in 2022.
Despite near-term challenges in certain construction sectors, medium to long term growth story in United States remains intact. The construction industry in United States is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 5.0% during 2022-2026. The construction output in the country is expected to reach USD 1,650,159.2 million by 2026.
The construction industry outlook remains stable from the short to medium-term perspective in the United States
In the United States, several projects are working their way through the planning phase, whereas others have finally resumed after a year of the global pandemic caused delays.
Despite the challenges associated with the global supply chain, such as rising raw material prices, shortage of building materials, and lack of skilled labor, the publisher projects that the residential construction sector will continue its stable growth over the four to eight quarters. Notably, the double-digit growth in the residential construction sector since Q3 2020 has made a significant contribution to the rebound of the overall economy and construction industry.
The residential construction sector largely remains supported by low lending rates, strong demand for bigger homes, and low housing inventory in the United States. Over the next few quarters, the publisher expects the healthcare and education sectors to receive more attention. Overall, the publisher maintains a stable outlook for the construction industry from the short to medium-term perspective in the United States.
Government spending on infrastructure development expected to support market growth in the United States
In November 2021, the US Congress passed a US$1 trillion infrastructure spending bill. The infrastructure legislation proposes US$550 billion in new federal expenditure over the next eight years in the United States for the upgrade of roads and bridges, highways and to modernize the city transit systems and passenger rail networks.
While the new infrastructure spending bill falls short of the original US$2.3 trillion proposals, the publisher expects the US$1 trillion spending on various United States infrastructure sectors to keep supporting the growth of the construction industry over the next four to eight quarters in the country.
Demand for new industrial space will attract investments
The United States online shopping industry is one of the largest around the world. The big online shopping holiday comes in the midst of a warehouse shortage in the country, as distribution center vacancy stands at an all-time low. According to the publisher' Q4 2021 Global Construction Survey, nearly 95% of all existing industrial space is in use in the United States.
The demand for industrial space is driven by large retailers who are expanding their e-commerce operations in the midst of the pandemic-led boom in the online shopping industry. Moreover, to mitigate the impact of the future supply chain bottlenecks, retailers in the country are also securing more storage space.
This is pushing industrial developers to become more creative and find more unconventional spots for building warehouses in the country. As the demand for industrial spaces continues to grow in the United States, the publisher expects the development of industrial spaces to grow over the next four to eight quarters, which will subsequently assist the growth of the overall construction industry from the short to medium-term perspective.
Large construction activities in Louisiana to support the industry
The publisher expects the growth in the construction sector to continue in Q1 2022, as several projects are expected to go under construction in the United States. For instance, construction activities are expected to begin by January 31 on the US$463 million projects, which will add 8.3 miles of elevated highway in Louisiana. The latest section, Phase 2 of the project, is expected to open in 2027. Moreover, the publisher anticipates spending on these roads and highways infrastructure projects to keep supporting the market growth over the next four to eight quarters in the United States.
The report provides data and trend analyses on construction industry in the United States, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 140+ charts and 110+ tables.
For more information about this report visit https://www.researchandmarkets.com/r/hqp7xn
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