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U.S. projected value of new construction 2011-2023
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U.S. projected value of new construction 2011-2023
Forecast for new construction put in place in the U.S. from 2011 to 2023 (in billion U.S. dollars)*
by T. Wang,
last edited
Aug 13, 2019
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.
Forecast for new construction put in place in the U.S. from 2011 to 2023 (in billion U.S. dollars)*
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by T. Wang,
last edited
Aug 13, 2019
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.
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- Release date
- June 2019
- Region
- United States
- Survey time period
- 2011 to Q1 2019
- Supplementary notes
-
* Current dollars; the figures for 2011 through 2018 are already accurate.
The values have been rounded.
Figures are compiled from several annual reports.
Source
- Show sources information
- As a Premium user you get access to the detailed source references and background information about this statistic.
- Show publisher information
- Release date
- June 2019
More information
- Region
- United States
- Survey time period
- 2011 to Q1 2019
- Supplementary notes
-
* Current dollars; the figures for 2011 through 2018 are already accurate.
The values have been rounded.
Figures are compiled from several annual reports.
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