Press release
North America Construction Market Size To Grow At A CAGR Of 4.9% In The Forecast Period Of 2024-2032
North America Construction Market
The construction industry in North America is witnessing steady growth, driven by factors such as population growth, urbanization, infrastructure development, and increasing investment in residential and commercial construction projects. According to the latest report by Expert Market Research (EMR), the North America construction market size was valued at USD 2.20 trillion in 2023 and is projected to grow at a CAGR of 4.9% between 2024 and 2032, reaching a value of USD 3.39 trillion by 2032.
The construction industry in North America encompasses a wide range of sectors, including residential, commercial, industrial, and infrastructure. Key factors driving the growth of the construction market in North America include government initiatives, technological advancements, and changing consumer preferences.
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Key Drivers of Growth
One of the primary drivers of growth in the North America construction market is population growth and urbanization. As the population in North America continues to grow, there is an increasing demand for residential, commercial, and infrastructure development. This has led to a surge in construction activities across the region, driving the growth of the construction market.
Another key driver of growth in the North America construction market is government initiatives and infrastructure development projects. Governments across the region are investing heavily in infrastructure development to improve connectivity, transportation, and overall infrastructure. These initiatives have created significant opportunities for construction companies, leading to a boom in the construction market.
Furthermore, technological advancements and innovation have played a crucial role in driving growth in the North America construction market. The adoption of advanced construction technologies such as Building Information Modeling (BIM), prefabrication, and green building practices has improved efficiency, reduced costs, and enhanced sustainability in the construction sector.
Key Market Trends
Several key trends are shaping the North America construction market. One notable trend is the growing focus on sustainability and green building practices. With increasing awareness about environmental issues, there is a rising demand for sustainable and eco-friendly construction practices. As a result, green building certifications such as LEED (Leadership in Energy and Environmental Design) have gained prominence in the region.
Another key trend in the North America construction market is the adoption of digital technologies. Construction companies are increasingly using digital technologies such as drones, virtual reality, and cloud computing to streamline operations, improve efficiency, and reduce costs. These technologies have revolutionized the construction sector, making it more efficient and productive.
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North America Construction Market Segmentation
The market can be divided based on construction type, end use, and country.
Market Breakup by Construction Type
Renovations
Demolition and New Constructions
Market Breakup by End Use
Commercial
Residential
Industrial
Education and Research
Medical and Healthcare
Others
Market Breakup by Country
United States of America
New England
Mideast
Great Lakes
Plains
Southeast
Southwest
Rocky Mountain
Far West
Canada
British Columbia
Alberta
The Prairies
Central Canada
Atlantic Canada
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the North America construction companies. Some of the major key players explored in the report by Expert Market Research are as follows:
Turner Construction Company
Bechtel Corporation
Kiewit Corporation
STO Building Group
Fluor Corporation
DPR Construction
Skanska AB
Clark Construction Group, LLC
PCL Constructors Inc.
EllisDon Corporation
Aecon Group Inc.
Graham Construction & Engineering Inc
Others
Challenges and Opportunities
Despite the growth prospects, the North America construction market faces several challenges. One of the key challenges is the shortage of skilled labor. The construction industry requires skilled workers such as carpenters, electricians, and plumbers, but there is a shortage of skilled labor in the region. This can lead to delays and cost overruns in construction projects.
Another challenge is the volatility of raw material prices. The construction industry relies heavily on raw materials such as steel, cement, and lumber, and fluctuations in prices can impact project costs. Manufacturers are under pressure to adopt sustainable practices in production and use environmentally friendly materials.
Despite these challenges, the North America construction market offers several opportunities for growth. The increasing demand for sustainable and energy-efficient buildings presents an opportunity for manufacturers to innovate and introduce new products and technologies. Additionally, the adoption of digital technologies such as Building Information Modeling (BIM) and prefabrication presents an opportunity to improve construction efficiency and reduce costs.
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