United States Commercial Construction News

Recent industry report about United States Commercial Construction company news, including latest market trends and industry updates in 2024. This sector news is compiled by Mordor Intelligence™ United States Commercial Construction Market industry experts.

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United States Commercial Construction News

  • Dec 2022: Global Infrastructure Solutions Inc. (GISI) and Hill International Inc. (NYSE: HIL) announced that their strategic merger had been completed following the completion of final regulatory reviews. This merger expands growth opportunities globally for fee infrastructure consulting markets.
  • May 2022: Hyundai Motor announced in May 2022 that it would break ground on its new facility in Georgia in early 2022, with an annual capacity of 300,000 EV units, with commercial production beginning in the first half of 2025. According to an unnamed auto industry source, Hyundai Motor is considering starting construction later in 2023, with commercial production beginning in the second half of 2024.
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  • June 2023: In 2025, a new version of Canada's national building code will be published, allowing builders to learn about two significant changes. At the Canada Green Building Council's 2023 Building Lasting Change conference in Vancouver, officials addressed the changes drafters of the 2025 code. The two significant changes coming to the code are introducing technical requirements for existing building stock and including GHG emissions.
  • May 2023: The Biden Administration announced plans to implement new building energy standards for homes built and funded by the Federal Government. These standards will save families over 35% of their electricity consumption. The new building energy codes will apply to approximately 170,000 new homes per year, including newly built or financed subsidized urban and rural housing.
  • January 2024: The Saudi Ports Authority (Mawani) and MEDLOG, the logistics arm of the world’s most extensive container line MSC, signed an agreement to develop the first-ever integrated logistics park and re-export zone at Dammam’s King Abdulaziz Port in Saudi Arabia. The logistics park, which is expected to be over 100,000 square meters and will have a handling capacity of 300,000 tonnes with logistical solutions for transporting freight across the Central and Eastern Regions and into the rest of the Kingdom, costs about USD 40 million.
  • October 2023: Mawani and Saudi Global Ports, a Public Investment Fund-backed container terminal operator, signed a contract for the construction of a SAR 1 billion (USD 266.59 million) logistics park at King Abdulaziz Port in Dammam. The facility is part of a plan by Mawani to increase the number of logistics parks in Saudi ports from 12 to more than 1 million square meters.
  • November 2023: AJEX Logistics Services announced a new partnership agreement with the Saudi Authority for Industrial Cities and Technology Zones – MODON. The agreement will allow AJEX to operate expanded logistics services from the burgeoning industrial epicenter of Dammam. The agreement will see the Saudi-headquartered logistics firm use warehousing facilities over a 6,000 sq. m area at MODON. The units will be utilized for the warehousing of various goods, including dangerous goods, the storage of food and beverages, and more general items.
  • June 2023: Saudi Arabia’s Ministry of Energy announced that the National Gas Co. (NATGAS) was awarded the contract to establish and manage a dry gas network in Dammam Third Industrial City.

June 2023: Sweden announced it was setting a record in construction. It announced plans to build the world's largest wooden city. Stockholm Wood City, the project will be constructed in Sickla, south of the Swedish capital. In 2025, construction will begin on a 250,000-square-metre site. Upon completion in 10 years, it will comprise 2,000 homes, 7,000 offices, restaurants, and shops

May 2023: PFA Ejendomme, the investment department of the pension company PFA Pension, developed Nordo, a mixed-use development located in Nordhavn, Copenhagen, Denmark, previously known as Redmolen. New private homes, hotels, office buildings, leisure, and parking facilities will be part of the 55,000-meter square development.

• September 2023 - After a half-decade-long pause, Saudi Arabia’s record-breaking Jeddah Tower is once again being built up. The tower will be more than 1,000 meters [over 3,280 feet].

• In October 2023, Dr. Sulaiman Al Habib Medical Services Group Co has authorized a project to construct Tabuk Hospital. It is expected that construction work on the project will be completed in 2027.

  • April 2023: The world’s largest coffee company, Starbucks, has unveiled its first greener stores in Asia-Pacific as a part of a global rollout of its greener store framework that has grown to more than 3,500 locations across 20 markets. The five new greener stores, located in Singapore (Singapore), Thailand (Thailand), and Vietnam (Vietnam), are among the first in Starbucks Asia-Pacific region. More than 20 other Starbucks stores are expected to receive greener store certifications later this year. With this latest round of certifications, Starbucks is well on track to reaching its goal of having 10,000 greener stores worldwide by 2025.
  • February 2023: GHD, a global professional services company, announced that it has joined forces with the GBCA as a Circular Economy supporting partner and a Green Building Day supporting partner for the year 2023. This partnership is in line with GHD's collective mission to work with customers and communities to tackle the ever-increasing complexity of social, cultural, environmental, and economic issues.
  • December 2023: UBM Development received a steady stream of preliminary building permits in Munich. The initial building permit for the commercial project “Timber Works” developed by UBM in Munich is legally binding. Planned with a timber hybrid design, the building will be constructed on a plot of land of approx. 6,500 m2 on Pelkovenstraße 148 will offer over 9,650 m2 gross floor area.
  • October 2023: With an eye on 2045, Germany earmarks a record EUR 57 billion for green infrastructure, signaling a bold step toward a sustainable future. Berlin hopes to shore up the hydrogen industry with EUR 18.6 billion (USD 19.9 billion) as part of its plan to transition to renewables. Regarding transportation, the fund will provide some EUR 12.5 billion (USD 13.3 Billion) to Germany's rail network between 2024 and 2027.
  • June 2023: Accenture acquired Green Domus, a leading sustainability consultancy based in Brazil, providing clients with the expertise to develop and execute a variety of sustainability initiatives with a strong focus on quantifiable decarbonization.
  • March 2023: BlocPower, a green building technology startup, secured nearly USD 25 million in equity and USD 130 million in debt funding to retrofit hundreds of thousands of homes and other buildings with energy-efficient appliances.

September 2023: Bechtel, a prominent company specializing in engineering, procurement, construction, and project management, unveiled the inauguration of its new regional headquarters situated in the center of Riyadh, Saudi Arabia's capital city.

February 2023: Saudi Arabia's sovereign wealth fund committed to a combined investment of USD 1.3 billion in four domestic construction firms as a component of its capital augmentation efforts. Through this initiative, the Public Investment Fund secured interests in Nesma & Partners Contracting Co., El Seif Engineering Contracting Co., AlBawani Holding Co., and Almabani General Contractors Co. These recent transactions reflect PIF's overarching strategy to bolster and empower pivotal sectors within Saudi Arabia, consistent with the objectives outlined in Vision 2030.

  • February 2024: Autobahn, which manages German motorways, announced the official opening of the first half of the A1 Rhine Bridge in Leverkusen. The 1km bridge was constructed by a consortium consisting of Hochtief, SEH Engineering, Eiffage Métal, Iemants, and Max Bögl. It has three lanes in each direction and a pedestrian and cycle path. Construction of the second parallel bridge will start once the old bridge has been dismantled. From 2027, the two bridges will permit four lanes of traffic in each direction.
  • February 2024: Skanska, a leading global construction and development firm, has announced the substantial completion of the USD 27.8 million State Route-60 (SR-60) Moreno Beach Drive Interchange Improvement Project in Moreno Valley, California. The interchange improvement project included the replacement of the SR-60 Moreno Beach Drive overcrossing bridge and the reconstruction and realignment of westbound on-ramps and off-ramps. The replacement of the existing two-lane bridge with a seven-lane bridge and reconstruction of the north side of the interchange will enhance freeway access and accommodate increased traffic demands.

US Commercial Construction Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)