North America Construction Market - Growth, Trends, and Forecast (2019 - 2024)

North America Construction Market - Growth, Trends, and Forecast (2019 - 2024)

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Market Overview

The North America construction market is expected to register a CAGR of 4.2% over the forecast period, 2019 – 2024. The industry’s growth is expected to increase over the forecast period by easing the trade tensions and boosting economic growth in the region. The year 2018 saw a rapid increase in construction growth across the US and Canada, with the residential sector a key driver of the pick-up, with low borrowing costs and wage growth continuing to increases demand more housing units. The pace of growth will recover from 2021 onwards as the ongoing infrastructure investments and smart city projects will add momentum for the region’s construction industry. Engineering and construction firms are key enablers of this powerful vision for upgrading infrastructure to incorporate sensing technology and data analytics that could contribute to making more smart cities in the region.

Scope of the Report

The North America construction market covers the growing construction projects in major countries like the USA, Canada, Mexico, and others segmented across all the sectors, like commercial construction, residential construction, industrial construction, infrastructure (transportation construction), and energy and utility construction. It is further segmented with construction type like additions, demolitions & new constructions and new constructions.

BY COUNTRY
Canada
Mexico
United States
Rest of North America
BY SECTOR
Commercial Construction
Residential Construction
Industrial Construction
Infrastructure (Transportation) Construction
Energy and Utilities Construction
BY CONSTRUCTION TYPE
Additions
Demolition and New Construction
New Constructions

Key Market Trends

Recovering US Construction Market.

Construction is the largest contributor to the U.S. economy. The industry has more than 680,000 employers with over 7 million employees and creates nearly USD 1.3 trillion worth of structures each year with annual expenditures of over USD 1,231 billion. It is one of the largest customers for manufacturing, mining and a variety of services. Despite the economic strength the ongoing construction industry performance continuing to decelerate due to increasing trade disputes could potentially lead to construction delays and further cost increases. The industry expected to be led by public investment across nonresidential buildings and nonresidential structures. Following by transport and public safety sectors.

Top construction projects of 2018 were: Vista Tower (Chicago), SalesForce Tower (San Francisco), 6 AM Development (Los Angeles), One Vanderbilt (New York), Winthrop Square Garage (Boston), and Comcast Technology Center (Philadelphia).

US is likely to see increased spending as Trump administration unveils infrastructure plan valued at USD 1.5 trillion, subsequently, uplifting the revenues and profits of construction industry players. On the other hand, factors such as high construction material cost and controlled mortgage environment are limiting the growth.

US Statista

Stable growth in the Canada Construction Market.

The total construction project pipeline in including all mega projects with a value above USD 25 million - stands at CAD1.4 trillion (USD1.1 trillion). The pipeline, which includes all projects from pre-planning to execution, is relatively skewed towards late-stage projects, with 54.5% of the pipeline value being in projects in the pre-execution and execution stages as of May 2019.
The largest market in the industry is residential construction, accounting for 43.7% of its total value in 2018. The forecast-period market output is expected to be supported by the government's efforts to build affordable houses.
Energy and utility construction was the second-largest market in the industry, accounting for 27.4% of the industry's total value in 2018. The market is expected to retain its position over the forecast period, to account for 27.2% of the total industry's total value in 2024.
 

CANADA Statista

Competitive Landscape

The North America construction market is less competitive, with the presence of major international players occupying a large market share and leaving less scope for other small and medium scale players. The North America construction market presents opportunities for growth during the forecast period, which is expected to further drive market competition. Along with growing infrastructure and construction investments in the large economies of the region create ample opportunities for the other players.   With a few players holding a significant share, the North Americai construction market has an observable level of consolidation.

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Market

    2. 1.2 Market Definition

    3. 1.3 Executive Summary

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Study Deliverables

    2. 2.2 Study Assumptions

    3. 2.3 Analysis Methodology

    4. 2.4 Research Phases

  3. 3. MARKET INSIGHTS

    1. 3.1 Current Economic and Construction Market Scenario

    2. 3.2 Technological Innovations in the Construction Sector

    3. 3.3 Impact of Government Regulations and Initiatives on the Industry

    4. 3.4 Review and Commentary on the Impact of Heavy Equipment Prices on the Construction Industry

    5. 3.5 Comparison of Key Industry Metrics of North American Countries (Analyst View)

    6. 3.6 Comparison of Construction Cost Metrics of North American Countries (Analyst View)

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

    2. 4.2 Restraints

    3. 4.3 Opportunities

    4. 4.4 Porter's Five Forces Analysis

    5. 4.5 Industry Value Chain Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 BY COUNTRY

      1. 5.1.1 Canada

      2. 5.1.2 Mexico

      3. 5.1.3 United States

      4. 5.1.4 Rest of North America

    2. 5.2 BY SECTOR

      1. 5.2.1 Commercial Construction

      2. 5.2.2 Residential Construction

      3. 5.2.3 Industrial Construction

      4. 5.2.4 Infrastructure (Transportation) Construction

      5. 5.2.5 Energy and Utilities Construction

    3. 5.3 BY CONSTRUCTION TYPE

      1. 5.3.1 Additions

      2. 5.3.2 Demolition and New Construction

      3. 5.3.3 New Constructions

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Strategies Adopted by Major Players

  7. 7. COMPANY PROFILES

    1. 7.1 Chevron Corp.

    2. 7.2 Lennar Corp.

    3. 7.3 Peter Kiewit Sons Inc.

    4. 7.4 EMCOR Group, Inc.

    5. 7.5 Gibson Energy, Inc.

    6. 7.6 Canadian Natural Resources Ltd.

    7. 7.7 Dpr Construction Inc.

    8. 7.8 Aecon Construction Group Inc

    9. 7.9 Avelia Groupe

    10. 7.10 Bouygues

    11. 7.11 Bishop Construction Inc.*

  8. *List Not Exhaustive
  9. 8. INVESTMENT ANALYSIS

  10. 9. MAJOR INFRASTRUCTURE DEVELOPMENT PROJECTS (PROJECT DESCRIPTION, VALUE, LOCATION, SECTOR, CONTRACTORS)

    1. 9.1 Existing Infrastructure

    2. 9.2 On-going Projects

    3. 9.3 Upcoming Projects

  11. 10. FUTURE OF CONSTRUCTION SECTOR IN NORTH AMERICA

  12. 11. APPENDIX

  13. 12. DISCLAIMER

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