U.S. projected value of new construction 2011-2023
This statistic gives a forecast for total construction put in place in the United States between 2011 and 2023. Construction spending is projected to exceed 1.45 trillion U.S. dollars in 2023.
New construction put in place in the U.S.
In 2018, new construction put in place in the United States was valued at around 1.29 trillion U.S. dollars, up from around 788 billion U.S. dollars in 2011, when construction spending reached the lowest level in a decade. Apparently, the industry is on track to continue its positive growth trend, and is expected to generate some 1.45 trillion U.S. dollars in revenue by 2023. The last time construction spending levels exceeded the one trillion U.S. dollar mark was between 2004 and 2008, before the sub-prime mortgage crisis shocked the construction sector. Residential sector construction spending will likely account for the lion’s share of the industry total: Residential construction put in place is forecast to be valued at about 586 billion U.S. dollars in 2023, while non-residential construction spending is projected to amount to around 590 billion U.S. dollars. The value of new non-building construction is predicted to come to about 290 billion U.S. dollars in 2023. The positive trend is further underpinned by S&P/Case Shiller’s National Home Price Index, which stood at 205 in February 2019.
New construction put in place in the U.S.
In 2018, new construction put in place in the United States was valued at around 1.29 trillion U.S. dollars, up from around 788 billion U.S. dollars in 2011, when construction spending reached the lowest level in a decade. Apparently, the industry is on track to continue its positive growth trend, and is expected to generate some 1.45 trillion U.S. dollars in revenue by 2023. The last time construction spending levels exceeded the one trillion U.S. dollar mark was between 2004 and 2008, before the sub-prime mortgage crisis shocked the construction sector. Residential sector construction spending will likely account for the lion’s share of the industry total: Residential construction put in place is forecast to be valued at about 586 billion U.S. dollars in 2023, while non-residential construction spending is projected to amount to around 590 billion U.S. dollars. The value of new non-building construction is predicted to come to about 290 billion U.S. dollars in 2023. The positive trend is further underpinned by S&P/Case Shiller’s National Home Price Index, which stood at 205 in February 2019.
