New construction put in place in the U.S.
In 2016, new construction put in place in the United States was valued at around 1.16 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 1.42 trillion U.S. dollars in revenue by 2021. 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 571 billion U.S. dollars in 2021, while non-residential construction spending is projected to amount to around 576 billion U.S. dollars. The value of new non-building construction is predicted to come to about 252 billion U.S. dollars in 2018. During the first quarter of 2016, U.S. construction spending was estimated at around 1.16 billion U.S. dollars, with expectations of a six percent growth from the previous year. The positive trend is further underpinned by S&P/Case Shiller’s National Home Price Index, which stood at 190.61 in May 2017.