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Design and construction spending for single-family and multifamily residential markets in the U.S. is projected to reach a combined $602 billion, up 38% year-over-year in 2022 while spending for the commercial real estate market may reach $98 billion, up 8% year-over-year, according to FMI’s Q3 2022 Engineering and Construction Outlook. The residential and commercial markets are expected to drive construction spending through 2022 and the overall industry outlook remains positive for H2 2022. Nonbuilding structures spending is expected to increase more than 30% to $367 billion over the next five years due to its direct correlation with strong residential growth. Segments including water supply, sewage and waste disposal, conservation and development, highway and street and transportation are all forecasted to experience 45 to 50% growth from 2023 to 2026. (Source: FMI)
More in this brief:
- Market Scope
- Top Multifamily Development Firms
- 5 Market Trends
- Government Affairs Action
- Business Development Insight
- New Privately Owned Housing Unit Authorizations by State