North America Construction Market Report and Forecast 2024-2032

North America Construction Market Size

The North America construction market size reached nearly USD 2.20 trillion in 2023. The market is projected to grow at a CAGR of 4.9% between 2024 and 2032 to reach a value of around USD 3.39 trillion by 2032.

Key Trends in the Market

Construction refers to a process of developing, repairing, remodelling, demolishing, altering, or improving buildings and infrastructures. It requires skilled labour, specialised equipment, and building materials, among others. The construction sector is a significant determinant of the social and economic growth of a country.

• The surge in residential construction activities amid the rising housing demand in countries like the United States is driving the North America construction market growth. Increasing infrastructural investments, the robust growth of sectors like transportation, education, and healthcare, the surging development of data centres and manufacturing facilities, and growing spending on commercial development are also favouring the market demand.

• Technological advancements and innovations are improving the dynamics of the market. Advanced technologies such as robotics, building information modelling (BIM), blockchain, and AI, among others, are expected to reduce the burden of construction workers while boosting the productivity of construction operations in the forecast period.

• The growth of the construction sector significantly contributes to the economic growth of a country while providing employment to a considerable section of the population. Hence, governments of the United States and Canada are introducing favourable initiatives and investments aimed at boosting construction activities as well as maintaining, renovating, and developing infrastructure, which is a crucial North America construction market trend.

Market Analysis

Based on construction type, the market is segmented into renovations and demolition and new constructions. On the basis of end use, the North America construction market segmentations include commercial, residential, industrial, education and research, and medical and healthcare, among others. The major countries included in the North America market for construction are United States of America and Canada.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the North America construction market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• 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

Market Share by End Use

The residential sector accounts for a significant portion of the North America construction market share. The rising population across the region is propelling the demand for housing. Increasing investments towards home renovation and maintenance activities owing to the growing standards of living are also escalating the segment’s growth. Moreover, the surging immigrant population across countries like the United States and Canada is further boosting the segment’s growth.

Market Share by Application

As per the North America construction market analysis, the United States of America is likely to witness fast-paced growth in the forecast period. The residential construction sector is one of the biggest contributors fuelling the growth of the market. A steady rise in single-family households in the country has been further bolstering the market for construction in the United States.

Furthermore, with increasing government incentives to boost domestic manufacturing in the United States, the surging construction of industrial facilities and factories is likely to support the overall North America construction market demand in the coming years.

Competitive Landscape

Turner Construction Company is a leading construction management company which offers expertise in offsite construction, risk management, and self-performance operations, among others. It was founded in 1902 and is headquartered in New York, the United States.

Bechtel Corporation is an engineering company that offers services and products related to sectors like defence and nuclear, environmental cleanup, and construction, among others. It was established in 1898 and is headquartered in Virginia, the United States.

Kiewit Corporation is one of the largest engineering and construction companies which has been innovating commercial building projects while contributing to the development of transportation infrastructure. The company was established in 1884 and is headquartered in Nebraska, the United States.

Other North America construction market players include STO Building Group, Fluor Corporation, DPR Construction, Skanska AB, Clark Construction Group, LLC, PCL Constructors Inc., EllisDon Corporation, Aecon Group Inc., and Graham Construction & Engineering Inc, among others.

Key Highlights of the Report