U.S. nonresidential construction market growth by building type 2019-2020
Based on short-term projections, the U.S. non-residential construction market is expected to grow to 2.4 percent in 2020 compared to the previous year. Growth for this period is expected to be the largest in institutional buildings at 2.9 percent and the lowest for commercial buildings at 0.6 percent. The United States put in place 452.67 billion U.S. dollars worth of private non-residential buildings in 2018, in contrast to 295.2 billion U.S. dollars of public non-residential construction in the same year.
Non-residential construction market
There are various drivers that impact the non-residential construction market and can be highly dependent on the sector. Demand for leisure travel is expected to increase due to low unemployment and income growth, projecting a promising lodging construction market. The growth in the office building market is largely being guided by corporate relocations and the lack of vacant spaces in major metropolitans. The overall commercial construction market has received increased spending due to growth in e-commerce, gas prices, and interest rates.
Non-residential construction market
There are various drivers that impact the non-residential construction market and can be highly dependent on the sector. Demand for leisure travel is expected to increase due to low unemployment and income growth, projecting a promising lodging construction market. The growth in the office building market is largely being guided by corporate relocations and the lack of vacant spaces in major metropolitans. The overall commercial construction market has received increased spending due to growth in e-commerce, gas prices, and interest rates.
