US Residential Construction Market Analysis. The size of the United States Residential Construction Market is around USD 590 billion in the current year and is anticipated to register a CAGR of over 3% during the forecast period.
What are the statistics of the construction industry?
Construction is a major contributor to the U.S. economy. There were more than 919,000 construction establishments in the U.S. in the 1st quarter of 2023. The industry employs 8.0 million employees and creates nearly $2.1 trillion worth of structures each year.
How much does the US spend on residential construction?
US Residential Construction Spending is at a current level of 889.80B, up from 884.68B last month and down from 917.15B one year ago. This is a change of 0.58% from last month and -2.98% from one year ago.
What is the most common type of residential construction?
The Different Types of Building Materials Used in Residential Construction. When it comes to residential construction, there are three main types: wood-frame, masonry, and steel. Each has its own benefits and drawbacks. Wood-frame construction is the most common type.
What is the composition of the construction industry?
The construction industry is composed not only of companies that actually build structures, but also those that design, develop, repair, or maintain structures. The construction of infrastructures such as roadways, railroads, or airports is included in our transport manufacturing industry.
How many contractors are in the US?
How many businesses are there in the Construction industry in the US in 2022? There are 3,919,352 Construction businesses in the US as of 2022, an increase of 4.2% from 2021.