Global Residential Construction Market Report and Forecast 2024-2032

Global Residential Construction Market Outlook

The global residential construction market size reached approximately USD 4.92 trillion in 2023. The market is further projected to grow at a CAGR of 5.0% between 2024 and 2032, reaching a value of USD 7.66 trillion by 2032.

Key Trends in the Market

Residential construction refers to repair, alteration, maintenance, construction, and improvement of duplexes, condominiums, villas, and apartments, among other residential structures. The construction of spaces intended for residential applications is a complex process, involving various stakeholders and phases. Residential construction is also essential for boosting the economy as it generates tax revenue and provides jobs.

• The increasing urbanisation owing to availability of better employment opportunities in urban locations as opposed to rural areas is bolstering the residential construction market growth. The migration of rural youth to urban towns and cities can also be attributed to presence of various social benefits and emergence of factory systems.

• The rising maintenance, improvement, and alteration activities owing to increasing disposable incomes are providing lucrative growth opportunities to the market. Regular and semi-regular maintenance activities allow individuals to save costs by avoiding major alterations and construction activities.

• Growing adoption of green technologies and materials by the residential construction companies owing to rising environmental concerns is supporting the market expansion. The adoption of these practices ensures minimal environmental impact and resource efficiency through the different stages of the construction process.

• Adoption of novel technologies including 3D models and augmented and virtual reality, among others is helping in reduction of costs and aiding in faster construction processes, bolstering the market growth.

Global Residential Construction Market Analysis

On the basis of type, the market is divided into apartment and villas, among others. Based on construction type, the market is bifurcated into new construction and renovation.

On the basis of region, the residential construction market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Lennar Corporation 

• Taylor Morrison, Inc. 

• Pultegroup, Inc. 

• LGI Homes, Inc. 

• Toll Brothers 

• Century Communities 

• KB Home 

• Meritage Homes Corporation 

• NVR, Inc.  

• CMH Services, Inc. 

• Others

Market Share by Construction Type

New construction segment is anticipated to account for a significant residential construction market share over the forecast period. The factors influencing the expansion of the segment include rising disposable incomes, population, and urbanisation. Due to the strengthening economic conditions, the general population is more inclined towards purchasing mew homes and apartments that offer customisable options, energy efficiency, and modern features. The construction of new single and multi-family units, residential units, and housing projects is further bolstering the segment growth.

Market Share by Region

North America is expected to witness significant growth in the coming years. This growth can be attributed to the strong presence of various key market players including Lennar Corporation, Taylor Morrison, Inc., and Pultegroup, Inc., among others in North America, favourable lending conditions, and rapid economic development. The residential construction market demand is increasing in the region owing to the adoption of sustainable construction practices, growing emphasis on energy-efficient housing, and rising innovation projects.

Competitive Landscape

Lennar Corporation, headquartered in Florida, United States, is one of the leading home builders of multifamily and luxury single homes. They strengthen communities and empower real estate professionals by delivery exceptional services and support.

Taylor Morrison, Inc., headquartered in Arizona, United States, is a land developer and homebuilder that is dedicated towards supporting their customers. The company is known for building, selling, and designing multi-family and single-family attached and detached homes.

Pultegroup, Inc., headquartered in Georgia, United States, is a residential home construction company that offers superior operational execution and exceptional customer service. The company markets under some of the best-known industrial brands including DiVosta, Pulte, and American West, among others.

Other residential construction market key players include LGI Homes, Inc., Toll Brothers, Century Communities, KB Home, Meritage Homes Corporation, NVR, Inc., and CMH Services, Inc., among others.

Key Highlights of the Report