Market Size & Growth:

The US construction sector's market size was valued at around $1.8 trillion in 2023. The industry revenue has declined at a CAGR of 1.3% over the past five years, to reach an estimated $3.0 trillion in 2023. The market size is projected to grow over the next five years, with a CAGR of 4.9% from 2023 to 2028

Market Drivers & Challenges:

Population growth, urbanization, and government spending on infrastructure are key drivers of the construction industry.The industry is also influenced by demographic and macroeconomic factors, such as interest rates, inflation, and consumer confidence. The construction industry faces challenges such as labor shortages, rising material costs, and regulatory hurdles.

Key Players:

The top four companies in the US construction industry generate the majority of industry revenue. The industry is highly fragmented, with a large - number of small firms.

Key players: Bechtel Corporation, Fluor Corporation, and Turner Construction Company

Outlook:

The construction industry is expected to continue growing in the coming years, driven by population growth and increased demand for infrastructure. The industry is also expected to face challenges such as rising material costs and labor shortages.The nonresidential building and non-building structure segments are expected to experience growth through 2023, with strong investment growth expected across lodging, commercial, transportation, manufacturing, highway and street, water supply, and conservation and development.Corrections in residential construction spending are anticipated to last into 2026, due to softening economic conditions, rate hikes, and a possible recession.The construction industry is a major contributor to the US economy, employing over 8 million people and creating nearly $1.8 trillion worth of structures each year.