Latest News- Construction Market in US: Residential construction is expected to lead the Type segment during 2025-2029

The Construction Market in US is being driven by Population growth and urbanization

The Construction Market in US is expected to grow at a CAGR of 5.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 668.3 billion. In the US construction industry, sustainability is a prominent trend, with a significant emphasis on energy-efficient structures, eco-friendly materials, and LEED certification. The push towards net-zero carbon emissions and minimizing environmental impact is propelling the adoption of solar energy, green roofs, and energy-efficient HVAC systems in both commercial and residential projects. The US Green Building Council champions sustainable building practices, urging developers to incorporate these elements into their ventures to cater to consumer preferences and regulatory requirements. This trend is exemplified by the Future Housing Initiative, launched in March 2023 by the Governor and Mayor of New York City, which advocates for green building standards and technologies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Residential construction
  • Commercial construction
  • Infrastructure construction
  • Industrial construction
• Product Type
  • Buildings
  • Engineering
• Modality
  • Private
  • Public
• Geography
  • US
  • North America
    • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Population growth and urbanization
• Government infrastructure spending
• Economic expansion and private investment

However, the market also witnesses some limitations, which are as follows:

• Shortage of skilled labor
• Rising costs of raw materials
• Regulatory and compliance hurdles

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Market Scope in Construction Market in US Research Report

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Research Analysis Overview

In the US construction market, foundation construction and concrete pouring are key elements of the building process. Steel fabrication and rebar installation are crucial for structural integrity. Building codes and safety protocols ensure compliance and protection. Construction drawings, plans, specifications, budgets, and scheduling software facilitate efficient project management. Cloud-based construction management, analytics, data management, remote monitoring, drones, scanning, VR, AR, and BIM modeling software enhance productivity. Collaboration tools and communication platforms foster seamless teamwork. Logistics, material procurement, equipment maintenance, financing, insurance, risk analysis, and claims management address operational needs. Sustainable materials, green building standards, LEED certification, energy performance, water efficiency, waste reduction, circular economy, and Construction Industry 4.0 represent the future of eco-friendly and technologically advanced construction.

Market Research Overview

The global construction and engineering market encompasses businesses specializing in non-residential construction, including engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. Residential construction firms are excluded from this market's scope. According to Technavio, the market size is determined by the consolidated revenue of engineering service providers and EPC contractors operating within the non-residential sector. Key growth drivers for the construction and engineering market include the increasing demand for urban infrastructure development. With expanding populations and rising requirements for transportation, communications, and essential utilities such as water and electricity, major cities worldwide face significant pressure to enhance their infrastructure.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/