The North American construction market reached a value of USD 2.20 trillion in 2024. The market is expected to expand steadily at a CAGR of 4.90% from 2025 to 2034, reaching an estimated size of USD 3.55 trillion by 2034. Growth is being fuelled by rising urbanisation, infrastructure modernisation, smart city initiatives, and increasing investments in residential, commercial, and industrial construction projects.
North America Construction Market Growth Overview
The construction industry in North America is undergoing a period of transformation driven by technological advancements, sustainable building practices, and infrastructure investments. Government support for transportation, renewable energy, and public utility projects is boosting the demand for construction services. Additionally, population growth and rising housing needs are creating opportunities for residential development, while commercial real estate and industrial facilities are expanding in line with economic growth.
North America Construction Market Growth Size
In 2024, the market size of the North American construction sector stood at USD 2.20 trillion. The United States accounts for the majority share, supported by large-scale federal infrastructure spending and private investments in real estate and commercial projects. Canada is also witnessing strong growth, particularly in urban housing, public infrastructure, and energy projects. By 2034, the market is projected to reach USD 3.55 trillion, highlighting the significant opportunities for construction companies and investors.
North America Construction Market Growth Trends
The North America construction market growth trends highlight a shift toward sustainable and technology-driven building practices. Green construction, energy-efficient materials, and eco-friendly designs are gaining momentum as environmental concerns and regulatory frameworks strengthen. Digital transformation is also reshaping the industry, with increased adoption of Building Information Modelling (BIM), artificial intelligence (AI), and 3D printing to streamline operations and reduce project delays. Moreover, modular and prefabricated construction methods are becoming popular due to their cost-effectiveness and faster project delivery. Rising investments in smart cities and infrastructure modernisation are further reinforcing these trends, positioning the market for long-term growth.
Market Segmentation: North America Construction Market
Breakup by Construction Type
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Renovation
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Demolition and New Construction
Breakup by End Use
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Residential
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Commercial
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Industrial
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Healthcare and Medical
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Education and Research
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Others
North America Construction Market Growth Growth
The North America construction market growth is being driven by strong demand for infrastructure development, urban housing, and sustainable building solutions. Government investments in smart cities, renewable energy facilities, and transportation upgrades are fuelling expansion across residential, commercial, and industrial sectors. Additionally, rapid urbanisation, population growth, and corporate expansion are creating a surge in demand for modern offices, healthcare centres, and retail spaces. The integration of advanced technologies like AI, BIM, and modular construction methods is further accelerating efficiency, reducing costs, and ensuring long-term market growth in the region.
North America Construction Market Growth Forecast
The North American construction industry is projected to grow at a CAGR of 4.90% between 2025 and 2034, reaching USD 3.55 trillion by 2034. The U.S. will remain the largest contributor, benefiting from massive infrastructure investments, commercial projects, and smart city developments, while Canada will continue strengthening its market through housing and renewable energy projects.
The forecast period will see a surge in digital technologies, eco-friendly building practices, and sustainable construction solutions, making innovation a key growth driver.
Competitive Analysis
The North American construction market is highly competitive, with major players focusing on infrastructure projects, real estate development, and technological innovations to gain a competitive edge.
- Turner Construction Company: A leading U.S.-based construction firm known for its large-scale commercial and infrastructure projects, with a strong focus on sustainability and technology-driven solutions.
- Bechtel Corporation: One of the largest global engineering and construction companies, specialising in infrastructure, energy, and government-backed projects.
- Kiewit Corporation: Strong presence in infrastructure, transportation, and energy projects, recognised for its expertise in large-scale public construction.
- STO Building Group: Focused on commercial construction and interior build-outs, catering to corporate offices, healthcare, and retail sectors.
- Fluor Corporation: A major player in industrial construction, oil and gas, and infrastructure projects, with a strong presence across North America.
- DPR Construction: Known for its work in healthcare, life sciences, advanced technology, and commercial construction, leveraging modern project delivery methods.
- Skanska AB: A global construction leader with a strong North American presence, focusing on sustainable building, infrastructure development, and innovative construction techniques.
- Others: Other notable companies such as Clark Construction, PCL Construction, Gilbane Building Company, and Aecon Group are also significantly contributing to market growth.
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