Construction industries in Unites States of America (USA) are basically involved in different construction related works like construction of building, bridge, highway etc. The condition of the construction industries depends on different factors like:
- Contemporary national economic situation of a country.
- Availability of construction raw materials of a country.
- Raw materials that are needed to be imported from other countries.
- Resources and labors accessibility (i.e. whether required number of resources and labors are present in the market or not).
- Sometimes geographic location and climate (e.g. it is obvious that peoples will not like to stay in a desert area or a region where the climate is too hot).
In the following section, We will discuss the current situation of USA construction industries based on the 2013 market survey analysis and the market forecast reports for the year 2014 that have been evaluated by several authorized organizations:
- The latest construction industry trends clearly exhibit that this industry is growing moderately.
- According to the McGraw Hill Construction report, USA construction industry in 2014 will grow from $508 in 2013 to reach $555.3 billion – a growth of 9% vis-à-vis 5% growth witnessed in 2013.
- In the area of single family housing, the growth will be 26% in dollar value. The positive outcomes of this growth are – Home price will increase while mortgage rate will remain near recent lows and the speed of foreclosures will be eased.
- For multifamily housing, the expected growth is 11% in dollar value and 9% in units.
- The growth in the area of commercial building will be 17% – which is higher than the previous year’s estimated 15% growth. The growth in warehouse and hotel segment will continue and an improvement will be noticed in the growth of stores and office building development. This in turn will lead to improvement in the commercial market fundamentals and more banks will be interested in proving loans to develop more construction buildings.
- Institutional building growth will rise to 2%.
- Public works construction growth will drop to 5%.
- A sharp gain is expected in the manufacturing sector as well.
- Construction employment has witnessed increment in January 2014 by providing 48000 jobs. Hence, the construction sector unemployment rate has been reduced to 12.3%.
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Bhagwati Pathak is an Executive Director at Tesla Outsourcing Services. Technical Project Management, BIM, Client Management, and Leadership are her forte. With an expertise in BIM and a flair for writing, her articles provide a direction to contractors, sub-contractors, engineers, and architects in employing the right methodology for an Architectural, Structural, or MEP CAD / BIM project.