The construction industry will continue its efforts to get back on the path to decarbonization during 2023, evidenced by increased investment in green building in the sector, with improved initiatives toward net zero building, the use of sustainable building materials, green roofs, and passive design.
What is the current trend in the construction industry?
These trends include improved collaboration, 3D printing, Building Information Modeling (BIM), an emphasis on green building and more. The future is now – and these innovations are proof of it.
What is the future of commercial construction?
The Global Commercial Construction market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2030. In 2022, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
What is the forecast for the US commercial construction market?
The US Commercial Construction Market size is estimated at USD 619 billion in 2023, and it is expected to reach USD 728 billion by 2028, witnessing a CAGR of 3.3% during the forecast period. Despite inflation and labor shortage, the demand for commercial real estate continues to drive the market.
What is the projected construction market for 2023?
The July 2023 AIA Consensus Construction Forecast Panel indicates that after a 19.7% surge in 2023 spending for commercial, institutional, and industrial buildings, growth is expected to decelerate in 2024. All nine panelists are in agreement about a potential slowdown.
Who is involved in construction industry?
The construction of a building involves many people: Architects; Designers; Engineers; Contractors; Sub-Contractors all working together to meet the needs of the Client. These construction professionals are brought together for a specific construction project and then disbanded once construction is complete.