United States Commercial Construction Market Size By Building Type (Office Buildings, Retail Buildings), By Project Scope (New Construction, Renovation/Remodeling), Construction Method (Traditional Construction, Prefabricated/Modular Construction), End-User Industry (Corporate, Retail), And Forecast
United States Commercial Construction Market Size By Building Type (Office Buildings, Retail Buildings), By Project Scope (New Construction, Renovation/Remodeling), Construction Method (Traditional Construction, Prefabricated/Modular Construction), End-User Industry (Corporate, Retail), And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
United States Commercial Construction Market Size By Building Type (Office Buildings, Retail Buildings), By Project Scope (New Construction, Renovation/Remodeling), Construction Method (Traditional Construction, Prefabricated/Modular Construction), End-User Industry (Corporate, Retail), And Forecast
United States Commercial Construction Market Size And Forecast
United States Commercial Construction Market size was valued at USD 104.42 Billion in 2024 and is projected to reach USD 184.57 Billion by 2031, growing at a CAGR of 7.38% during the forecast period 2024-2031.
United States Commercial Construction Market Drivers
The market drivers for the United States Commercial Construction Market can be influenced by various factors. These may include
Economic GrowthWhen the economy grows, there is usually a rise in the demand for commercial real estate, which includes hotels, offices, retail stores, and industrial buildings.
Population GrowthIn order to handle the growing number of residents, there is an increasing need for infrastructure and commercial areas.
UrbanisationThe need for commercial construction projects in cities, such as high-rise buildings, mixed-use developments, and infrastructure upgrades, is driven by the trend of urbanisation.
Technological AdvancementsBy increasing productivity, cutting costs, and satisfying regulations, developments in construction technology, such as prefabrication, Building Information Modelling (BIM), and sustainable building practices, can have an impact on the industry.
Government rulesThe commercial construction industry can be greatly impacted by government rules pertaining to zoning, building codes, taxes, and environmental standards. For example, spending packages on infrastructure or incentives for green building techniques might boost construction activity.
Interest Rates and Financing AvailabilityDevelopers’ capacity and inclination to take on commercial construction projects are influenced by the cost and accessibility of financing as well as changes in interest rates.
Consumer TrendsThe kinds of commercial properties being created are influenced by shifting consumer tastes, such as the growth of e-commerce and the need for experiential retail places.
Corporate InvestmentThe demand for office and industrial spaces is driven by corporate expansion, relocation, and consolidation, which has an effect on the commercial building sector.
Natural Disasters and Climate ChangeWhile worries about climate change may drive investments in robust and sustainable building techniques, calamities like hurricanes, floods, and wildfires can harm current infrastructure and necessitate reconstruction efforts.
Demographic Shifts and Lifestyle ChangesThe demand for healthcare facilities, senior living communities, multifamily housing, and other commercial buildings is influenced by demographic trends such as an ageing population and changing household sizes.
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United States Commercial Construction Market Restraints
Several factors can act as restraints or challenges for the United States Commercial Construction Market. These may include
Economic SituationThe construction sector is particularly vulnerable to the effects of economic downturns. Businesses may cut back on their investments in new building projects during recessions or periods of weak economic development, which will lower demand for commercial construction services.
Regulatory DifficultiesComplying with regulations can make building projects more complicated and expensive. Modifications to zoning laws, environmental restrictions, construction rules, and permit procedures may result in an increase in the time and resources required to approve and complete a project.
Labour ShortagesSkilled workers, such as carpenters, electricians, plumbers, and other tradespeople, are frequently in short supply in the construction sector. These shortages, especially in areas with strong demand or during times of economic development, can lead to project delays and higher labour costs.
Supply Chain DisruptionsConstruction projects may be hampered by supply chain disruptions such as raw material shortages, production delays, or traffic jams. Supply chain difficulties can be made worse by occurrences like pandemics, trade conflicts, and natural disasters.
Finance and finance IssuesFor commercial construction projects, finance and financing availability may be a barrier. Developers may find it more difficult to start or finish projects due to stricter lending requirements, high interest rates, or challenges obtaining investment funds.
rivalry and Market SaturationTight rivalry among building companies may result in reduced profit margins and pressure on prices. In markets where the number of commercial properties already present is significant, developers might have trouble locating suitable sites or drawing in tenants.
Technology Integration and AdoptionHistorically, the construction sector has been sluggish to accept new procedures and technologies. Technologies that could increase productivity and efficiency may find it difficult to be adopted due to factors including upfront investment expenses, lack of experience, and resistance to change.
Environmental ConcernsStricter environmental laws and more stringent requirements for green building techniques could result from growing public awareness of environmental sustainability and climate change. Complying with these specifications may increase the expenses and intricacy of building projects.
United States Commercial Construction Market Segmentation Analysis
The United States. Commercial Construction Market is segmented based on Building Type, Project Scope, Construction Method, End-User Industry.
By Building Type
Office BuildingsConstruction projects aimed at creating spaces for business operations, including corporate offices, coworking spaces, and business parks.
Retail BuildingsConstruction of commercial spaces for retail stores, shopping malls, and outlets.
Hospitality BuildingsConstruction of hotels, resorts, and other accommodations for travelers and tourists.
Healthcare FacilitiesConstruction of hospitals, clinics, medical offices, and other healthcare-related buildings.
Educational BuildingsConstruction of schools, colleges, universities, and other educational institutions.
Industrial BuildingsConstruction of warehouses, factories, manufacturing plants, and distribution centers.
By Project Scope
New ConstructionProjects involving the construction of entirely new commercial buildings or structures.
Renovation/RemodelingProjects focused on renovating or remodeling existing commercial buildings to update their design, functionality, or compliance with regulations.
Expansion/AdditionProjects involving the expansion or addition of new sections to existing commercial buildings to accommodate growth or changing needs.
By Construction Method
Traditional ConstructionConventional construction methods involving on-site building processes using materials like concrete, steel, and wood.
Prefabricated/Modular ConstructionConstruction method where building components are manufactured off-site in controlled factory conditions and then assembled on-site, often resulting in faster construction times and cost savings.
By End-User Industry
CorporateConstruction projects commissioned by corporations for their own use, such as office headquarters or research facilities.
RetailConstruction projects initiated by retail companies to establish stores, shopping centers, or other commercial retail spaces.
HospitalityConstruction projects undertaken by hospitality companies to create hotels, resorts, or other accommodations.
HealthcareConstruction projects in the healthcare sector for hospitals, clinics, medical offices, or research facilities.
EducationConstruction projects in the education sector for schools, colleges, universities, or research institutions.
IndustrialConstruction projects in the industrial sector for warehouses, factories, manufacturing plants, or distribution centers.
Key Players
The United States Commercial Construction Market is highly fragmented with the presence of a large number of players in the market. Some of the major companies include Balfour Beatty LLC, Gilbane Building Company, Hensel Phelps Construction Co., Hochteif Construction, Holder Construction Group, LLC, Kiewit Corporation, MA Mortenson Company, McCarthy Holdings Inc., PCL Constructors Inc., Skanska USA Building Inc., The Turner Corporation, and Tutor Perini Corporation.
Key Developments
June 2023, The construction of the new Sacramento City Unified School District (SCUSD) campus has begun at the location of Edward Kemble Elementary and Cesar Chavez Intermediate School under a joint venture between Balfour Beatty and Clark/Sullivan.
February 2023, A strategic partnership between Planon Corporation and Gilbane Building Company has been launched today to serve the real estate and facility management markets. The collaboration will take advantage of Planon’s industry-leading technology for smart building and workplace management solutions as well as Gilbane’s extensive experience in integrated construction and facility management services.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Balfour Beatty LLC, Gilbane Building Company, Hensel Phelps Construction Co., Hochteif Construction, Holder Construction Group, LLC, Kiewit Corporation, MA Mortenson Company
SEGMENTS COVERED
By Building Type, By Project Scope, By Construction Method, By End-User Industry
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