Dublin, March 12, 2021 (GLOBE NEWSWIRE) -- The "United States Construction Industry Databook Series - Market Size & Forecast (2016 - 2025) by Value and Volume (Area and Units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction - Q1 2021 Update" report has been added to ResearchAndMarkets.com's offering.
Construction activities and the workers were deemed essential in the wake of the coronavirus outbreak in the United States. While construction continued in most parts of the country, several factors resulted in project delays. Economic shutdown and supply chain disruptions jeopardized operations and construction schedules. Moreover, contractors were also hit as the sub-contractors were not able to report to the jobs.
All of these factors contributed to the decline of the construction sector output in the United States in 2020. The decline in the output of the construction sector is also reflected in the real Gross Domestic Product (GDP) of the country.
However, several projects are under construction in various sectors including residential, institutional, and industrial and infrastructure. All of these projects are expected to support the recovery of the construction industry in 2021.
The impact of the coronavirus outbreak on residential building construction was reduced as sales continued. However, the unemployment rate is still a challenge in the country and consumer confidence is still below the pre-COVID levels. Moreover, with infection rates also resurging, several states are rolling back the reopening of economic activities. However, stimulus from the government has offset some of these uncertainties. While the outlook for the residential sector is better than previously estimated, it remains subdued for 2021.
Low mortgage rates, limited existing inventory, and government protection against forbearance and foreclosure on mortgage payments will offer support for market recovery.
The coronavirus outbreak in the United States has clearly shown the shortage of healthcare centers in the country. Even before the pandemic broke out, the country had announced the expansion and construction of new facilities to support hospitals and save beds for the patients who needed them the most.
In response to overcrowding in various hospitals, several institutions announced their plans to expand their current capacity. For instance, the Children's Hospital of Philadelphia is planning to spend US$3.4 billion on construction of 22-story inpatient tower adding 300 beds and around 200 rooms if required. The inpatient tower is expected to cost US$1.7 billion and is likely to be operational by 2027. Additionally, they are planning to add three more buildings.
In the infrastructure sector, construction activities of the Class-A logistics park in Texas is a key project in 2021. The two-phase development of the project will be constructed on the 68-acre. Known as Park 290, the Class-A logistics park will occupy 826,000 square feet. Construction activities of Park 290 are expected to commence in the second half of 2021. Additionally, construction activities for the 144MW Pflugerville Solar Project in Texas have also begun.
The construction industry in the United States is expected to grow by 15.6% to reach US$ 1515659.4 million in 2021. Despite near-term challenges in certain construction sectors, the medium to long term growth story in the United States remains intact. The construction industry in the 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 4.7% during 2021-2025. The construction output in the country is expected to reach US$ 1819106.1 million by 2025.
This 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. It details market size & forecast, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.
Market Data and Insights: This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2016-2025 in the United States.
United States Residential Building Construction Coverage
United States Residential Green Building Construction Coverage
United States Commercial Building Construction Coveragw
United States Commercial Green Building Construction Coverage
United States Institutional Building Construction Coverage
United States Institutional Green Building Construction Coverage
United States Infrastructure Construction Sectors
For more information about this report visit https://www.researchandmarkets.com/r/y243q4
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