U.S. construction spending on nonresidential buildings in 2020 with forecasts to 2022

Based on short-term projections, the U.S. non-residential construction market is expected to decrease by over three percent in 2022 compared to the previous year. Growth is expected to be the largest in amusement buildings - with a year-on-year change close to 11 percent - and the lowest for religious buildings - which are expected to decline by almost three 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.