Press release
US Residential Construction Industry Outlook - ConsTrack360
The US residential market is witnessing growth despite the COVID outbreak, as demand for bigger homes, and second homes continues to increase. Also, millennials are now focusing on homeownership and moving out of rental homes which are pushing the US residential market growth. Moreover, low mortgage rates have motivated individuals to buy homes. Also, home prices have increased across the US during Q3'2020 as Americans are view their homes as something more as they spend more time at home due to the pandemic.The overall residential spending in the US grew by 14.6% YoY from US$ 563.9B in 2019 to US$646.1B in October 2020. Of this majority of spend was on private residential construction (98.6%), and the remaining was on public residential construction. The US residential private construction spending increased by 14.5% from US$556.7B in October 2019 to US$637.1B in October 2020, with around 50.9% of spending from new single family construction and the remaining spending from new multifamily construction.
Though due to COVID-19, the sales of new privately-owned houses declined from March to June 2020, the market began to recover in July 2020 with sales reaching 979,000 as compared to 612,000 in March 2020, as per according to U.S. Census Bureau and the U.S. Department of Housing and Urban Development estimates. Further, new privately-owned houses sold in the US increased YoY by 41.5% to 999,000 in October 2020, with highest sales recorded in the South (580,000).
Moreover, privately-owned housing completions reached 1,343,000 in October 2020 an increase of 5.4% over October 2019. Privately-owned housing starts improved by 14.2% YoY to reach 1,530,000 in October 2020, reflecting increase in demand from customers.
As investments on homes are one of the most important decisions which can have an impact on individuals, there has been a growing focus on green and sustainable homes. To cater to this demand, industry players are focusing on building sustainable homes which can improve the quality of life of individuals. As per U.S. Green Building Council (USGBC) report, there has been a growth in green and Leadership in Energy and Environmental Design (LEED)-certified homes from 19% since 2017 reaching nearly 500,000 units of single family, multifamily and affordable housing LEED-certified homes globally and over 400,000 units in the U.S.
Also, among the top 10 states for LEED certified homes, California stood first with about 40,000 certified residential units, followed by Texas (24,500). LEED-certified homes on an average use 20 to 30% less energy as compared to a traditional home, with some owners revealing upto 60% savings. Going forward, the construction of green multifamily and single-family homes is expected to increase as individuals focus on sustainable living.
Moreover, there has been renewed interest in modular construction and expected to grow in the coming quarters, owing to their lower cost and increased productivity. To take advantage of this trend, start-ups are trying to enter the market. Some of the popular start-ups in the modular construction industry include Plant Prefab and Blokable.
To get detailed insights and FREE sample report please click here @
https://www.constrack360.com/reportstore/view/United-States-Construction-Industry-Databook-4062
1812 N Columbia Blvd Suite
ConsTrack360 is a global research and advisory firm providing comprehensive, accurate, and unbiased business intelligence platform on construction industry. Through detailed databases and insights, we offer unmatched detailed and unbiased content globally.
With over 100,000 data points and 300+ reports, we help clients gain actionable insights across 50 countries, which directly impact revenues. For more information, please visit our website www.constrack360.com or email us at info@constrack360.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release US Residential Construction Industry Outlook - ConsTrack360 here
News-ID: 2596416 • Views: …
More Releases from ConsTrack360

Building Materials Price Rise Affecting Construction Sector Growth In Latin Amer …
In Latin America, construction material costs have surged significantly over the last two years. The ongoing war in Ukraine, coupled with the rising inflation, has added even more pressure to the sector.
Mexico bearing the brunt of building materials price rise
Looking at specific materials, the Mexican Chamber of the Construction Industry (CMIC) indicated that cement, rebar, and steel experienced the greatest increases since December 2021. the prices of these building materials…

Eco-Friendly Constructions Boosted The Demand For Dry Concrete Materials Globall …
The recent uses of green technology in the construction sector have provided the impetus to the growth of the dry concrete market worldwide. Dry concrete helps to provide suitable conditions to allow the concrete to attain moisture properly. Its increasing strength, reducing shrinkage, fast curing rates, lowering the water permeability rate, reduced construction costs, and reduction in the hydrostatic pressures have helped the dry concrete market to see strong adoption…

New Innovative 3D Printing Methods Are Being Developed Facilitating Reduction of …
In recent times 3D printing market has gained traction around the globe due to the rising demand for Building Information Modeling (BIM). 3D printing is said to be a computer-controlled process where the layering of materials is done to form three-dimensional shapes. Thus, this process is helpful for entire printing buildings or for creating building components. Consequently, many construction companies have started using 3D printed materials in their projects to…

Increasing Climate And Decarbonization Challenges Surged The Demand For Eco-Cons …
With a period of adapting growth projections and shifting standards, the Indian construction industry is anticipated to go through a period of revival and economic expansion in 2022. Additionally, increased construction costs and skilled labor demands continue to pressure the construction industry to develop innovative, challenging, and distinct ideas.
Consequently, innovative low-cost construction materials are one such method that is adopted by the construction companies to meet the shifting needs…
More Releases for October
October Headlining Shows In Vegas
Upcoming Headlining Shows In Las Vegas
OCTOBER 2024
now - 10/27
Sistahs! The Hocus Pocus Parody
now - 10/19
Earth, Wind and Fire
now - 10/19
Eagles
now - 10/26
Carrie Underwood: REFLECTION
now - 10/19
Barry Manilow: The Hits Come Home
10/18
When We Were Young Sideshow:
The Used and Taking Back Sunday
10/18
Tommy James & The Shondells
10/18 - 10/19
Toni Braxton and Cedric The Entertainer
10/18 - 10/19
Brad Paisley
10/18 - 10/26
Lenny Kravitz
10/19
Porter Robinson
10/19
Parker McCollum
10/19 - 10/20
When We Were Young Festival
10/19 - 10/20
Nick Swardson
10/20
Jeff Dunham: Still…
The Second Line Film Festival enters its 2nd year October 14 – October 18
New Orleans, La ( October 15, 2020) The Second Line Film Festival is an exciting virtual event produced by Gloried Media, LLC, the producers of the South Carolina Cultural Film Festival and the Charlotte Black Film Festival. After participating in the New Orleans cultural scene and serving as a producer for the Real Caregivers of New Orleans Mr. Nichols president of Glorified Media, LLC. fell in love with the people…
Zurich Art Fair in October 2020
Market place for art and discovery fair.
ART INTERNATIONAL ZURICH is a public sales and trade fair. The annual art fair offers exhibition space and is a meeting place for gallery owners, collectors, artists and an audience interested in art.
Info: https://art-zurich.com
Since 1999, ART INTERNATIONAL ZURICH has developed into an institution on the Swiss trade fair market.
Zurich's international art fair was opened in 1999 in the Kongresshaus Zürich - in the…
ProviNET Solutions exhibits at Leading Age Dallas on October 27 – October 30
A Leading Provider of Healthcare IT Solutions Participates in Leading Age Dallas Annual Meeting and Expo
Tinley Park, IL (September, 2013) ProviNET Solutions is a full-service IT company that offers a comprehensive spectrum of technology products and services for senior living facilities throughout the United States. Born from a long-term care provider, ProviNET is familiar with the strict demands and urgent needs of the industry. ProviNET focuses on ways to…
October Trade Show Triathlon
A high-intensity program of three events for rational motion and TM4 in Germany.
Cologne, October 9, 2012
October is marathon month for rational motion and partner enterprise TM4. With three events following close on one another, the two companies are on tour for electric powertrains and vehicle integration throughout the month. The grand finale will be a joint booth at the eCarTec in Munich. Though the three events differ greatly, they all…
Florida: October is "Guardianship Month"
Florida Governor Charlie Crist has declared October as “Guardianship Month.”
NASGA would point Governor Crist’s attention to the fact that the original intent of guardianship/conservatorship law - “guard,” “protect” and “conserve” - is no longer being complied with in a frightening and growing number of cases involving court-appointed fiduciaries. Wards' estates, instead of being conserved, are being plundered in the guise of fiduciary fee billings for "services," either not…