North America Construction Market Size to reach $2,083.9 Billion By 2027 Growing at 3.3% CAGR | GlobalData Plc
Research Reports
Aug 30, 2023
The North America construction market size is expected to reach $2,083.9 billion by 2027, according to a new report by GlobalData Plc. The regional growth is bolstered by the stronger outlook for infrastructure construction in the US due to recent positive developments by the government.
North America Construction Market Share by Sectors, 2018 – 2027 (%)
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North America Construction Market FAQs
- What was the global North America construction market size in 2023?
The North America construction market size will be evaluated at $1,722.5 billion in 2023. - What is the North America construction market growth rate?
The construction market in the North America region is expected to grow at a CAGR of 3.3% during 2023-2027. - What are the key sectors in the North America construction market?
The key sectors in the North America construction market are commercial construction, energy and utilities construction, industrial construction, infrastructure construction, institutional construction, and residential construction. - Which are the key countries in the North America construction market?
The key countries considered in the North America construction market are Canada and the US.
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North America Construction Market Dynamics
GlobalData expects the North America construction industry to shrink by 1.6% in 2023, owing to the declining trend in the regional residential sector. The high mortgage rates, along with high construction costs and supply chain disruptions are key factors impacting the growth in the current year. The regional conditions are likely to improve from 2024 with an anticipated annual average growth rate (AAGR) of 4.1% from 2024 to 2027.
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North America Construction Report Highlights
- The North America Construction market is predicted to grow at a compound annual growth rate of 3.3% over the forecast period. Active investments in the region’s infrastructure and energy sector are likely to drive market growth over the predicted timeline.
- The regional residential sector is anticipated to account for the largest share in real terms in 2023. However, the segment posted negative growth in 2022 and is anticipated to decline in 2023 owing to the rise in construction costs and rising mortgage rates.
- The energy and utilities construction segment is expected to account for the second-largest share in real terms in 2023, supported by investments in regional renewable energy and oil and gas projects.
- The commercial construction category is estimated to register third place in terms of construction output value (Real) in 2023. Improvements in commercial project developments, along with positive indicators in underlying tourism and commercial business activities are expected to remain a key driver for segmental growth over the forecast period.
- The infrastructure construction sector is estimated to showcase the fastest compound annual growth rate of 9.3% from 2023 to 2027. Increase in commitments to transport developments under the federal and regional governments’ 2023 Budgets.
- The institutional construction sector is expected to depict a steady annual average growth rate of 3.1% from 2024 to 2027, supported by increased public and private investment in educational and healthcare projects.
- The industrial construction industry is predicted to account for the smallest share in real terms in 2023. The regional industrial construction activities are expected to remain stable primarily driven by steady flow investments from the private sector over the forecast period.
- The US construction sector is anticipated to account for most of the regional share in real terms in 2023. The domestic growth over the forecast period is projected to be driven by the major fiscal stimulus packages such as the IIJA, IRA and the CHIPS and Science Act.
- The construction industry in Canada is likely to decline by 5.2% this year, owing to a sharp fall in the residential sector amid a tightening in monetary policy and a weaker economic outlook. High construction costs and a skilled labour shortage are also factors that will dampen activity in the industry.
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North America Construction Market Scope
GlobalData Plc has segmented the North America construction market report by sectors and countries:
North America Construction Sectors Outlook (Value, $ Million, 2018-2027)
- Commercial Construction
- Energy and Utilities Construction
- Industrial Construction
- Infrastructure Construction
- Institutional Construction
- Residential Construction
North America Construction Countries Outlook (Value, $ Million, 2018-2027)
- Canada
- US
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Related Reports
- Construction Market Size, Trends and Growth Forecasts by Key Regions and Countries, 2023-2027
- United States (US) Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027
- Canada Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027
- North America Infrastructure Construction Market Size, Trends, Analysis by Key Countries, Sector (Railway, Roads, Water and Sewage, Electricity and Power, Others), and Segment Forecast to 2026
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