Five-year U.S. construction outlook positive

By |  August 28, 2015

Timetric’s Construction Intelligence Center forecasts that the U.S. construction industry will likely grow over the next five years.

The center predicts the construction sector’s average annual growth is set to accelerate from 1.7 percent during its review period to 3.1 percent over the forecast period, increasing from $1 trillion in 2014 to $1.1 trillion in 2019.

Residential construction was the largest market during the review period and will retain this position, mainly supported by the government’s plans to increase the budget allocation by 1.9 percent to $46.7 billion in 2015. The budget will support homeownership, sustainable community development and access to affordable housing. Additionally, the country’s population is expected to increase from 321.2 billion in 2010 to 338 billion by 2020, which would increase demand for housing over the forecast period.

According to Timetric, the biggest drivers of construction growth will likely include the need to modernize aging infrastructure, the renewable energy sector and a growing population in the United States. Residential construction was the largest market during the review period, followed by energy and utilities construction as the second largest.

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About the Author:

Megan Smalley is the associate editor of Pit & Quarry. Contact her at msmalley@northcoastmedia.net or 216-363-7930.

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