Dublin, Aug. 17, 2021 (GLOBE NEWSWIRE) -- The "Construction in the US - Key Trends and Opportunities to 2025 (Q2 2021)" report has been added to ResearchAndMarkets.com's offering.
US construction industry to grow by 1.8% in 2021 and 3.1% in 2022, before it moderates to an annual average growth of 2.2% over the reminder of the forecast period.
This compares to the previous forecasts of 1.4% for this year and 2.8% for next year. The slightly higher growth for 2021 assumes that residential construction will continue to grow over the coming quarters despite ongoing supply chain issues, including the shortage and rise in the price of building materials, especially lumber, a lack of skilled labor and expensive land, which is adding to building costs for new homes, causing project delays and boosting house price inflation. Permits for future home construction are currently running ahead of housing starts, suggesting moderate gains in homebuilding activity in the quarters ahead.
The residential construction sector has been the star performer of the US economic recovery from the COVID-19 crisis, posting double-digit growth rates since the third quarter of 2020, and making significant contributions to the rebound of the economy and overall construction industry.
The sector remains supported by low mortgage rates, strong demand for bigger living spaces and a very low housing inventory in the market. Data from the US Census Bureau showed that the total value of construction put in place rose for the third consecutive quarter, posting a quarter-on-quarter (Q-o-Q) rate of 2.2% in Q1 2021, compared to an increase of 4.7% in Q4 2020. This was driven by growth in the residential segment, which posted a Q-o-Q increase of 5.5% in Q1 2021, while non-residential construction spending fell by 0.6%.
On June 24th, President Joe Biden reached an agreement on an infrastructure bill worth US$1.2 trillion, with a bipartisan group of senators. The bill, which falls short of the US$2.3 trillion proposed by the president earlier this year, would unlock billions of dollars in funding to upgrade the country's roads, railways, airports, ports and broadband, finance electric car and bus charging infrastructure and other infrastructure over the next eight years.
This report provides detailed market analysis, information, and insights into the US construction industry, including:
The US construction industry's growth prospects by market, project type and construction activity
Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the US construction industry
Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in the US, featuring details of key growth drivers.
Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) 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
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3.1 Economic Performance
3.2 Political Environment and Policy
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
6 Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/myh746
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