Construction Industry in The United States
To find the market size and growth rate of the construction industry in the United States. To understand how this market is broken down in terms of the type of construction (industrial, commercial, civil, and residential).
To find the number of construction companies in the United States. To understand how this market is broken down in terms of the type of construction (industrial, commercial, civil, and residential).
To find the number of construction companies that match the persona specified in the attached file: Commercial general contractor (GC) with 51-200 employees
and a revenue of $40 million.
Construction Industry: Market Size and Growth
- According to a report from Research and Markets, the US construction industry in United States will grow at a compound annual growth rate (CAGR) of 4.9% between 2014 and 2023, reaching a market size of $1,804.8 billion by 2023.
- Using the 2023 estimated market size, the 2020 market size is calculated as follows:
- 2022 market size = 1,804.8-(1,804.8x4.9/100) = $1,716.36 billion
- 2021 market size = 1,716.36-(1,716.36x4.9/100) = $1,632.26 billion
- 2020 market size = 1,632.26-(1,632.26x4.9/100) = $1,552.28 billion
- Thus, the 2020 construction industry market size is $1,552.28 billion.
- During the period between 2014 and 2018, the residential construction industry grew at a CAGR of 9.1%, while the commercial building construction market grew at a CAGR of 6.8%.
- "The infrastructure construction was estimated to be US$ 358.9 billion in 2018, posting a CAGR of 6.3% during review period."
- In 2019, the construction industry contributed a total of 4.1% in the gross domestic product (GDP) in the United States.
- "The construction market in the United States is one of the largest in the world, with private spending reaching 977 billion U.S. dollars in 2019 and with about 11.2 million people employed in the industry. It is expected that new construction put in place will total 1,449 billion U.S. dollars by 2023."
Construction Industry: Residential and Non-Residential
- Another report from Cumming provided the breakdown of the construction industry into residential and non-residential. According to this report, the residential construction industry reached $390.27 billion in 2019, while the non-residential industry reached $647.86 billion.
- By 2022, the residential construction industry is expected to reach $416.36 billion, and the non-residential construction industry is anticipated to reach $629.34 billion.
Construction Industry: Commercial
- The US commercial building construction industry is expected to reach $227 billion in 2020. (Screenshot here)
- The total number of businesses within the commercial building construction industry is 66,717, employing a total number of 212,578 employers. (Screenshot here)
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