The U.S. represents one of the strongest markets for building and construction across the globe. Expenditures currently exceed $1.2 billion U.S. It should be noted that during this post-recession phase, construction projects have recommenced and are on an upward trend. New construction is most evident in the Pacific and South Atlantic regions of the U.S. As one of the largest construction firms based in America, Bechtel is also one of the largest construction contractors in the country. This is primarily based on the revenues of the company whose headquarters are located in San Francisco.
Strong Growth across the U.S. Anticipated
In 2018, private construction spending in the U.S. was around $992 billion. Planned new construction is expected to exceed $1.53 trillion by the year 2022. Positive movement within the residential building and construction market is based on different factors though declining oil prices were blamed in large part for the slowing demand in the construction and engineering sector. However, construction companies and their investors may be focusing more on the Midwest and South regions of the country. Across the country, as aging infrastructure is replaced, more spending will occur as updates become necessary.
Global Growth of the Building and Construction Market
Analysis has shown that growth has been steady over the last several years within the global building and construction market in terms of size. Emerging markets are expected to grow at a considerably faster pace than advanced economies at least in terms of construction industries. To understand the trends in greater detail, contact us to inquire about our ongoing market research data into this sector. Market Research analysists consider trends and forecasts that are focused on the U.S. as well as other individual countries in addition to global markets. If your company’s focus is the U.S., Asia Pacific, Africa, the Middle East, or another area, we have a large array of reports from which to choose.
In 2017, the global market size for building and construction plastics was valued at over $100 billion USD. Through 2025, it’s expected to continue its healthy growth rate. Global market boosts in this sector have been attributed to a growth in population and the related trend toward urbanization. Government initiatives to address failing building structures are another growth factor. Our market size analysis of the building and construction industry around the planet is ongoing and we release new reports on a regular basis.
Technology and Material Improvements Add to Growth
The continued upswing in the building and construction industry is also attributed to the dramatic improvements in the design and manufacturing of construction materials and the various technologies that are involved. These factors have reduced the cost of production and improved the overall quality of infrastructure projects. Additionally, the rising popularity of green construction building projects and the encouragement of foreign investments have stimulated market growth in Asia Pacific.