Non-residential construction spending forecast in the U.S. 2023-2024

Based on short-term projections, the U.S. non-residential construction market is expected to increase by approximately six percent in 2023. That year, growth is expected to be the largest in industrial construction, with a year-on-year change close to 14 percent, and the lowest for religious buildings, which are expected to decrease by over one percent. The value of private non-residential buildings put in place in the U.S. fell in 2021, similarly to how public non-residential construction has evolved.

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.