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United States Construction Market Size, Share, Growth: By Construction Type: Demolition and New Constructions, Additions; By End Use: Commercial Construction, Residential Construction, Industrial Construction, Energy and Utilities Construction, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
United States Construction Market Outlook
The United States construction market size reached approximately USD 1.90 trillion in 2023. The market is projected to grow at a CAGR of 4.4% between 2024 and 2032, reaching a value of around USD 2.80 trillion by 2032.
Key Trends in the Market
Construction is the term that refers to the whole process of building or assembling physical structures, such as buildings, bridges, roads, and other infrastructure. It involves a series of activities, including planning, design, procurement of materials and labour, and the actual physical construction. A construction project can employ professionals from various fields, including architects, engineers, contractors, project managers, and various skilled tradespeople.
- The primary factor responsible for the United States construction market growth is the rising infrastructural development projects in the country. The government is introducing various initiatives aimed at upgrading and expanding infrastructure as the country’s economy relies on the vast infrastructural network. This trend is further bolstered by the increasing development of manufacturing facilities for electronic products and components and the emphasis on modernising ageing infrastructure.
- Some major United States construction market trends are rapid technological advancements and the increasing adoption of innovative technologies in the construction sector. Technologies such as artificial intelligence, building information modelling (BIM) software, 3D printing, and augmented reality are used in construction activities to improve project efficiency and reduce errors while enabling a collaborative approach.
- The United States construction market demand is anticipated to surge in the coming years owing to the rising development of smart buildings. The integration of the Internet of things (IoT) can enable easy control of various systems, such as HVAC, lighting, and security. This trend is further enhanced by the rising focus on increasing energy efficiency.
Market Analysis
Based on construction type, the market is segmented into demolition and new constructions and additions. The United States construction market segmentation, based on end use, includes commercial construction, residential construction, industrial construction, and energy and utilities construction, among others. The major regional markets for construction in the United States are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United States construction market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- Hensel Phelps Construction Company
- Lennar Corporation
- Kiewit Corporation
- D.R. Horton, Inc.
- Tutor Perini Corporation
- PCL Constructors Inc.
- Kajima Corporation
- Hochtief AG
- Pultegroup, Inc.
- NVR, Inc. (Ryan Homes)
- Others
Market Share by Construction Type
Additions in construction are expected to hold a major portion of the United States construction market share in the coming years. Additions refer to the process of expanding or enhancing an existing structure or building. The government has recognised the necessity to upgrade decades-old infrastructure and is increasingly investing to upgrade the vast network of infrastructure comprised of roads and bridges to freight rail and ports to electrical grids and internet provision.
Market Share by End Use
According to the United States construction market analysis, commercial construction is likely to experience significant growth during the forecast period. Commercial construction refers to the development of office spaces, manufacturing plants, medical centres, and shopping centres, among others. The increasing establishment of private firms and shops in developing states of the country provides substantial scope for market expansion. Furthermore, commercial construction activities are expected to surge in the coming years with the increasing demand for green buildings in the coming years.
Competitive Landscape
Hensel Phelps Construction Company is a leading construction company based in the United States. The company has been operating in the sector since 1937 and has expertise in a variety of project types, including healthcare, government, education, hospitality and leisure, and industrial, among others. It places a strong emphasis on incorporating innovative construction technologies and practices.
Lennar Corporation is one of the largest and most well-known residential construction and real estate development companies in the United States. Founded in 1954, the company has played a significant role in shaping the American housing market. It constructs a diverse range of homes, including single-family homes, townhomes, condominiums, and active adult communities.
Kiewit Corporation is a major construction, engineering, and mining company based in the United States. Established in 1884, the company has grown into one of the largest and most successful construction firms in North America. The company has built a reputation for its expertise in large-scale construction projects, which include projects such as highways, bridges, and airports, as well as energy-related projects.
Other United States construction market players include D.R. Horton, Inc., Tutor Perini Corporation, PCL Constructors Inc., Kajima Corporation, Hochtief AG, Pultegroup, Inc., and NVR, Inc. (Ryan Homes), among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Construction Type |
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| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Construction Market Overview
8.1 Key Industry Highlights
8.2 Global Construction Historical Market (2018-2023)
8.3 Global Construction Market Forecast (2024-2032)
8.4 Global Construction Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 United States Construction Market Overview
9.1 Key Industry Highlights
9.2 United States Construction Historical Market (2018-2023)
9.3 United States Construction Market Forecast (2024-2032)
10 United States Construction Market by Construction Type
10.1 Demolition and New Constructions
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Additions
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 United States Construction Market by End Use
11.1 Commercial Construction
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Residential Construction
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Industrial Construction
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Energy and Utilities Construction
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 United States Construction Market by Region
12.1 New England
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Mideast
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Great Lakes
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Plains
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Southeast
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Southwest
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
12.7 Rocky Mountain
12.7.1 Historical Trend (2018-2023)
12.7.2 Forecast Trend (2024-2032)
12.8 Far West
12.8.1 Historical Trend (2018-2023)
12.8.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Hensel Phelps Construction Company
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Lennar Corporation
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Kiewit Corporation
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 D.R. Horton, Inc.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Tutor Perini Corporation
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 PCL Constructors Inc.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Kajima Corporation
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Hochtief AG
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Pultegroup, Inc.
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 NVR, Inc. (Ryan Homes)
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Construction Market: Key Industry Highlights, 2018 and 2032
2. United States Construction Market: Key Industry Highlights, 2018 and 2032
3. United States Construction Historical Market: Breakup by Construction Type (USD Trillion), 2018-2023
4. United States Construction Market Forecast: Breakup by Construction Type (USD Trillion), 2024-2032
5. United States Construction Historical Market: Breakup by End Use (USD Trillion), 2018-2023
6. United States Construction Market Forecast: Breakup by End Use (USD Trillion), 2024-2032
7. United States Construction Historical Market: Breakup by Region (USD Trillion), 2018-2023
8. United States Construction Market Forecast: Breakup by Region (USD Trillion), 2024-2032
9. United States Construction Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 1.90 trillion.
The market is projected to grow at a CAGR of 4.4% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 2.80 trillion by 2032.
The market is being driven by the increasing development of existing infrastructure and the integration of the latest technologies in construction.
The growing number of green building projects and the introduction of government plans to drive public infrastructural development are aiding the market growth.
The major regional markets are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The different end uses are commercial construction, residential construction, industrial construction, and energy and utilities construction, among others.
The key players in the market include Hensel Phelps Construction Company, Lennar Corporation, Kiewit Corporation, D.R. Horton, Inc., Tutor Perini Corporation, PCL Constructors Inc., Kajima Corporation, Hochtief AG, Pultegroup, Inc., and NVR, Inc. (Ryan Homes), among others.
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