Market Research Report
Project Insight - Construction in Key US States
|Published by||GlobalData||Product code||893905|
|Published||Content info||41 Pages
Delivery time: 1-2 business days
|Project Insight - Construction in Key US States|
|Published: June 17, 2019||Content info: 41 Pages||
The US construction industry is a major contributor to the economy, accounting for 4.1% of gross domestic product (GDP) and employing 5.3% of the country's total workforce. With annual expenditure reaching over US$1.4 trillion last year, the industry is one of the largest in the world. In 2018, output grew by 4.4% in real gross terms - up from 3.4% in 2017, according to the Bureau of Economic Analysis (BEA).
Based on data from over 11,000 tracked large-scale country wide construction projects, 10 major US states account for nearly 60% of the total US construction project pipeline value (US$3.7 trillion). California, Texas and New York are among the states with the highest value of construction projects in the pipeline. With a total of 1,302 projects worth US$524.6bn, California, for example, has both the largest number and value of projects in the US construction project pipeline, with infrastructure projects and mixed-use developments, representing a combined 56% of California's total pipeline value.
The construction of mixed-use developments is booming across many US states, with the building of American city centers and suburbs coming to resemble one another due to changing demands from consumers and homebuyers. This is particularly the case for states such as Florida, California and New York. In Florida, the construction of mixed-use properties is growing faster than any other US state, with five of the top 10 largest construction projects in Florida being mixed-use construction projects.
The desire to live, work, shop and play within walkable distances is not only unique to millennials and baby boomers, but also older generations who want to live in well-connected urban communities. The tech industry is also creating new demand to build more residential and commercial buildings, as well as transport infrastructure to accommodate the influx of workers.
Big tech companies such as Google, Apple, Facebook, Microsoft and Amazon are encouraging significant investment. Among the most notable projects in the pipeline are Facebook's US$850m Willow Campus Mixed-Use Development in San Francisco, Google's US$800m Residential Development in Mountain View and Microsoft's US$1bn Redmond Headquarters Redevelopment.
The latest report, "Project Insight - Construction in Key US States", focuses on 10 key states in the US, which are significant in terms of the overall size of the economy, construction output and construction employment, as well as having sizeable construction project pipelines.
The report also provides an assessment of the current construction project pipeline by the 10 key selected states, including analysis on total construction pipeline by sector and stage, projected annual spending on current project pipeline by funding method over the five-year span, as well as analysis on all major projects by value, start and end date, stage of development, funding mechanism, and leading contractors.