Residential Building Construction Market Outlook 2024: Developments and Challenges

"The Business Research Company recently released a comprehensive report on the Global Residential Building Construction Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The residential building construction market size has grown strongly in recent years. It will grow from $4389.83 billion in 2023 to $4628.16 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to population growth, economic conditions and mortgage rates, government policies and incentives, consumer confidence, demographic shifts.

The residential building construction market size is expected to see strong growth in the next few years. It will grow to $5802.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to sustainability and green building practices, affordable housing initiatives, adaptation to remote work, aging population and universal design, supply chain resilience. Major trends in the forecast period include digitalization in construction management, technological advancements in construction, prefabrication and modular construction, smart home technology integration, digitalization and building information modeling (BIM).

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Market Drivers and Trends:

The rising population is expected to propel the growth of the residential building construction market going forward. Population refers to the citizens of a specific nation or location or common people. An increase in population is the dominant factor in determining the volume of building construction, as a result, the rising population would directly reflect the growth of building construction. For instance, in October 2022, according to World Health Organization (WHO), a Switzerland-based specialized government agency, between 2015 and 2050, the proportion of the world's population over 60 years would nearly double from 12% to 22%. Additionally, there are 1.4 billion people over the age of 60, up from 1 billion in 2020 and this would double by 2050 with 2.1 billion people. Between 2020 and 2050, the number of people 80 or elderly is projected to triple, reaching 426 million. Therefore, the rising population is a driving factor in the growth of the residential building construction market.

Technological innovations are a key trend gaining popularity in the residential building construction market. Major companies operating in the residential building construction market are introducing innovative products to sustain their position in the residential building construction market. For instance, in February 2022, Black Buffalo 3D Corporation, a US-based company operating in residential construction launched NEXCON 3D printers, a 3D modular construction printer. This involves 3D printing technology that addresses traditional challenges in the construction industry with a stronger, more durable end product utilizing a motion-centric modular gantry design that produces more effective structures. The multi-axis gantry system is optimized to produce accurate prints for any 3D-modeled design that can be developed using normal CAD software, and it is capable of printing buildings up to three stories high.

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Major Key Players of the Market:

SFK Construction Holdings Limited, China State Construction Engineering Corporation Limited, Country Garden Holdings Limited, Bouygues S.A., Laing O'Rourke Plc, Lennar Corporation, D.R. Horton Inc., Hochtief AG, Greystar Worldwide LLC, Larsen & Toubro Limited, Bechtel Corporation, Turner Construction Company, PulteGroup Inc., Skanska AB, Kiewit Corporation, Taylor Morrison Inc., TechnipFMC PLC, Gilbane Building Company, Meritage Homes Corporation, Century Communities Inc., Bridge Investment Group LLC, Alliance Residential Company, Mill Creek Residential, Continental Properties Company Inc., Legacy Housing Corporation, The NRP Group LLC, DHI Communities Inc., Clayton Properties Group Inc., Black Buffalo 3D Corporation, Related Group

Residential Building Construction Market 2024 Key Insights:

• The residential building construction market size is expected to see strong growth in the next few years. It will grow to $5802.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Impact Of Global Population Growth On Residential Building Construction Market Expansion
• Key Players Advancement Revolutionizing Residential Construction Market
• North America was the largest region in the residential building construction market in 2023

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