North America Construction Market Overview

The North America construction market has witnessed significant growth in recent years, driven by a combination of factors such as robust economic conditions, increasing infrastructure development projects, and a rising demand for residential and commercial properties. According to the latest report by Expert Market Research, the North America construction market size reached a value of USD 2.20 trillion in 2023. With ongoing investments in construction projects across the region, it is expected to continue growing at a steady pace, reaching an estimated value of USD 3.27 trillion by 2032, with a compound annual growth rate (CAGR) of 4.4%.

Infrastructure Development Drives Growth

One of the key drivers behind the growth of the North America construction market is the continuous focus on infrastructure development. Governments at the federal, state, and local levels are increasingly investing in upgrading and expanding transportation networks, including highways, bridges, and public transit systems. The need for modernization and maintenance of existing infrastructure also contributes to the construction sector’s expansion.

In addition to transportation infrastructure, the energy sector plays a vital role in fueling construction activities. The United States and Canada are experiencing a surge in energy-related projects, such as the construction of renewable energy facilities, oil and gas pipelines, and power generation plants. These projects not only boost construction but also create jobs and promote economic growth.

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Residential and Commercial Construction

The North America construction market is also driven by robust activity in the residential and commercial sectors. The region’s growing population and a strong economy have resulted in increased demand for housing, office spaces, and retail facilities. This has led to a surge in residential and commercial construction projects, ranging from single-family homes and apartment complexes to office towers and shopping centers.

The rise of e-commerce has further accelerated demand for warehousing and distribution centers, creating opportunities for construction companies specializing in industrial facilities. The demand for mixed-use developments that combine residential, commercial, and recreational spaces is also on the rise, reshaping urban landscapes.

Technological Advancements and Sustainability

The construction industry in North America is experiencing a technological transformation. The adoption of Building Information Modeling (BIM) and other advanced construction technologies has improved project planning, design, and execution. These technologies enable more efficient resource allocation, reduce construction errors, and enhance collaboration among project stakeholders.

Sustainability is another significant trend influencing the North America construction market. Green building practices, energy-efficient designs, and the use of sustainable materials are becoming increasingly important in construction projects. Government incentives and regulations aimed at reducing carbon emissions and promoting eco-friendly construction practices are driving the adoption of sustainable building methods.

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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

While the North America construction market presents numerous opportunities, it also faces several challenges. The rising costs of materials and labor pose a significant obstacle to construction companies. Supply chain disruptions, especially in the wake of the COVID-19 pandemic, have further exacerbated material shortages and price fluctuations.

Environmental concerns and regulatory requirements related to emissions, waste disposal, and land use can also pose challenges to construction projects. Companies need to navigate these regulations while adhering to sustainability goals.

However, these challenges also create opportunities for innovation and growth. Construction companies that invest in sustainable practices, technology, and workforce development can gain a competitive edge and thrive in the evolving market landscape.

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