The U.S. construction industry is on line to grow by as much as 3.7% next year, according to a new forecast.
Noting that the industry’s residential sector has been a star performer as the country climbs out of its Covid-19 slowdown, the company Research and Markets notes that the sector is “supported by low mortgage rates, strong demand for bigger living spaces, and a very low housing inventory in the market.”
The report, Construction in the United States 2021, predicts that “residential construction will continue to grow over the coming quarters.”
The publication additionally notes that that growth will come in the face of “ongoing supply chain challenges, including the shortage of building materials and rising prices, lack of skilled labor, and expensive land,” according to a press release.
Based in Dublin, Ireland, Research Markets is the largest market research firm in the world, analyzing trends in everything from the healthcare and energy sectors to the transportation and food and beverages industries.
Charting an overall 2021 construction industry growth at 1.8%, the publication takes notes of the Biden Administration’s massive infrastructure bill, still awaiting Congressional approval, which includes “long-term investments on transport, energy, utilities, and climate-related initiatives.”
That 1.8% charted growth is a significant improvement over the research firm’s February projections which forecast a 0.6% decline in the industry for this year.
A separate report published by the company anticipates a current $946 billion global construction industry to grow by a third in the next four years.
By Garry Boulard
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