GlobalData expects US construction output to grow by 1.4% in 2021, and 2.3% over the remainder of the forecast period, with risks on the upside if President Joe Biden manages to pass his second rescue plan later this year, which includes more long-term investment in infrastructure and green energy projects. Although activity in the industry is likely to slow slightly in the first half of 2021, largely due to the current effects of the pandemic and lockdown restrictions, the fast vaccine rollout and Biden’s US$1.9 trillion relief plan - which passed in March, on top of the US$900 billion relief bill passed last December by the Trump administration - are expected to give a boost to the industry this year.
The government’s efforts to vaccinate most of the US population by September have raised hopes that hard-hit sectors such as leisure and hospitality, retail, offices and air transport could recover faster in the second half of 2021. Nevertheless, the ongoing move to online shopping, which has accelerated during the pandemic, is creating less demand for retail buildings and more demand for warehouse properties, while the notable shift to remote working is likely to impact on demand for new office buildings, but this is expected to be less of an issue as the pandemic recedes.
President Biden wants to build a modern and sustainable infrastructure to make it more resilient to the effects of climate change and achieve a 100% clean energy economy and net-zero emissions by 2050. He is calling for a US$2 trillion investment package with a focus on transport infrastructure and clean energy to be deployed over the next eight years. Some of his major policy proposals include more investments to repair the country’s aging roads, highways, and bridges, build more affordable housing units and expand broadband access, as well as increase investment to accelerate the adoption of electric cars and charging infrastructure, and install advanced metering systems to both modernize the country’s electric grid and increase energy efficiency. An additional set of investment measures that are reportedly being planned, and would be centered on healthcare, childcare, and education, could push the overall investment package up to US$4 trillion.
This report provides detailed market analysis, information, and insights into the US construction industry, including -
- The US construction industry’s growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the US construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in the US. It provides -
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in the US, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
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