A report published by Trimetric’s Construction Intelligence Center (CIC) has stated that the US construction industry is set to pick up over the next 5 years. The report forecasts an accelerated growth in real terms to 3.1%, increasing from US$1.0 trillion in 2014 to US$1.1 trillion in 2019.
Residential construction was the largest market during the review period and will retain this position by being supported by the government’s plans to increase the budget allocation to US$46.7 billion in 2015. The country’s total population is expected to increase from 321.2 million in 2010 to 338.0 million by 2020*, which is expected to further increase demand for housing over the forecast period.
Energy and utilities will continue holding its position as the second largest market in the US construction industry. The government aims to increase the renewable energy in the country’s total electricity mix, from 9.8% in 2014 to 20.0% in 2020. It is also planning the installation of 10 000 MW of renewable capacity in subsidised housing by 2020, and 3.0 GW in military capabilities by 2025.
* According to the United Nations Department of Population (UNDP).
Edited from press release by Angharad Lock
Read the article online at: https://www.worldcement.com/the-americas/26082015/five-year-outlook-us-construction-industry-looks-brighter-444/