Construction Market in Key US States- Big Changes to Have Big Impact
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HTF MI is tracking 12,260 construction projects in the US, both in the public and private sector, at all stages of development from announcement to execution; collectively, these projects are valued at US$3.9 trillion. The top 10 selected US states account for nearly 61% of the entire US construction market.
With annual expenditure reaching over US$1.4 trillion in 2019, the US construction industry remains one of the largest in the world. Last year, the industry added 5.6% to the US economy and employed 5.3% of the country’s total full-time workforce, according to the Bureau Economic Analysis (BEA). Nevertheless, construction output fell from 2.2% in 2018 to -0.1% in 2019 as political and trade tensions between the US and China weighed on economic activity. Other factors contributing to the overall decline in the industry included a lack of skilled labor, expensive land and rising material costs.
Companies Mentioned in the Report
Balfour Beatty, Walsh Construction Co., Tutor Perini Corp., Parsons Corp., Jacobs Engineering Group, Arcadis U.S. Inc., The Lane Construction Corp., Bechtel Corp., Chiyoda International Corp., Zachry Group, Traylor Bros., Inc., J.F. Shea Co., Inc., Dragados USA, Shimmick Construction, Herzog Contracting Corp., AECOM Hunt
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Among the major states, construction activity declined in New York, Pennsylvania, Ohio and Illinois, while construction growth slowed significantly in Florida, California, Washington and Georgia. In Texas and North Carolina, by contrast, growth remained solid, increasing at an equal rate of 2.8%.
Over the past five years, states such as Florida, Georgia, Washington, California and North Carolina have posted fast construction growth, expanding at annual average rates of 7.5%, 6.5%, 5.4%, 4.2% and 4.1% respectively. This was driven in part by an increase in investment in mixed-use properties, which have created significant opportunities in sectors such as residential, commercial, infrastructure and energy and utilities. In Florida, for example, the construction of mixed-use properties has been growing faster than in any other large US state. Other factors supporting this growth were corporate tax cuts as well as state and local authorities’ push to raise funds for public works and renewable energy projects via higher gas tax and user fees.
- This report focuses on 10 key states in the US, which are significant in terms of construction output, construction employment, overall size of the economy, population and construction project pipelines.
- The report provides an assessment of the current construction project pipeline by the 10 key selected states based on the CIC project database including analysis on total construction pipeline by sector and stage, projected annual spending on current project pipeline by funding method over the five-year span, as well as analysis on all major projects by value, start and end date, stage of development, funding mechanism, and leading contractors
Reasons to Buy
- Gain insight into the key construction states in the US by construction sector, and stage.
- Assess the main drivers of construction investment in key US states, and financing methods.
- Understand the maintrends driving overall construction growth.
- Identify top projects by sector, leading contractors and development stage to better understand the competitive environment and inform your expansion strategy.
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Table of Contents
1. THE US CONSTRUCTION MARKET
2. CONSTRUCTION IN KEY US STATES
2.3. New York
2.8. North Carolina
4. ABOUT HTF MI
4.1. HTF MI at a Glance
4.2. HTF MI Construction
4.4. Contact UsList of Tables
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HTF Market Report is a wholly owned brand of HTF market Intelligence Consulting Private Limited. HTF Market Report global research and market intelligence consulting organization is uniquely positioned to not only identify growth opportunities but to also empower and inspire you to create visionary growth strategies for futures, enabled by our extraordinary depth and breadth of thought leadership, research, tools, events and experience that assist you for making goals into a reality. Our understanding of the interplay between industry convergence, Mega Trends, technologies and market trends provides our clients with new business models and expansion opportunities. We are focused on identifying the “Accurate Forecast” in every industry we cover so our clients can reap the benefits of being early market entrants and can accomplish their “Goals & Objectives”.
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