Based on data from over 11 000 tracked, large scale, countrywide construction projects, GlobalData has found that 10 major US states account for nearly 60% of the total US construction project pipeline value (US$3.7 trillion).
GlobalData’s latest report, titled ‘Project Insight – Construction in Key US States’ reveals that California, Texas, and New York are among the states with the highest value of construction projects in the pipeline. With a total of 1302 projects worth US$524.6 billion, California, for example, has both the largest number and the largest value of projects in the US construction project pipeline, with infrastructure projects and mixed-use developments representing a combined 56% of California’s total pipeline value.
GlobalData has stated that the desire to live, work, shop, and play within walkable distances is not only unique to millennials and baby boomers, but also older generations who want to live in well-connected areas.
“The construction of mixed-use developments is booming across many US states, with the building of American city centres and suburbs coming to resemble one another due to changing demands from consumers and homebuyers,” said Dariana Tani, Economist at GlobalData. “This is particularly the case for states such as Florida, California, and New York. In Florida, the construction of mixed-use properties is growing faster than any other US state, with five of the top 10 largest construction projects in Florida being mixed-use construction projects, according to GlobalData.
“The tech industry is also creating new demand to build more residential and commercial buildings, as well as transport infrastructure to accommodate the influx of workers. Big tech companies such as Google, Apple, Facebook, Microsoft, and Amazon are encouraging significant investment. Among the most notable projects in the pipeline are Facebook’s US$850 million Willow Campus mixed-use development in San Francisco, Google’s US$800 million residential development in Mountain View, and Microsoft’s US$1 billion Redmond Headquarters redevelopment.”
Read the article online at: https://www.worldcement.com/the-americas/02072019/almost-60-of-us-construction-project-pipeline-value-concentrated-in-10-states/