The US Construction Industry is Projected to Grow by Over 15% in 2021 Despite Near-Term Challenges
DUBLIN, June 28, 2021 /PRNewswire/ — The “United States Construction Industry Databook Series – Market Size & Forecast (2016 – 2025) by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction – Q1 2021 Update” report has been added to ResearchAndMarkets.com’s offering.
Construction activities and the workers were deemed essential in the wake of the coronavirus outbreak in the United States. While construction continued in most parts of the country, several factors resulted in project delays.
Economic shutdown and supply chain disruptions jeopardized operations and construction schedules. Moreover, contractors were also hit as the sub-contractors were not able to report to the jobs.
All of these factors contributed to the decline of the construction sector output in the United States in 2020. The decline in the output of the construction sector is also reflected in the real Gross Domestic Product (GDP) of the country.
However, several projects are under construction in various sectors including residential, institutional, and industrial and infrastructure. All of these projects are expected to support the recovery of the construction industry in 2021.
The impact of the coronavirus outbreak on residential building construction was reduced as sales continued. However, the unemployment rate is still a challenge in the country and consumer confidence is still below the pre-covid levels. Moreover, with infection rates also resurging, several states are rolling back the reopening of economic activities. However, stimulus from the government has offset some