Value nonresidential construction put in place U.S. 2005-2019, with forecasts to 2024

Based on planned construction development over the next few years, non-residential construction put in place is expected to reach 473 billion U.S. dollars in 2024 in the United States. Non-residential construction can include segments like lodging, office, commercial, health care, and education. Generally, the U.S. construction industry is linked to the economic wellbeing of the country.

Construction industry needs

Within the non-residential building industry, commercial building has experienced a comfortable growth over recent years. However, the construction industry faces challenges such as shortage of skilled labor and rising material costs due to global trade wars. The modernization of a generally typically conservative industry will be important in the near future to support customer demands as well as to improve operation models. Integrating sustainable building processes and features in projects as well as establishing technological advancements like building information modeling (BIM) will be essential for the future of the construction industry.

Nonresidential vs. residential

In 2020, new residential construction in the United States is to increase by 15 billion U.S. dollars, this despite the impact of COVID-19. The source adds this increase mostly stems from home improvements - additions, alterations and major replacements. Single-family housing construction and multifamily houses being built also increased, but not as much.