Value of total new construction put in place in the U.S. 1964-2023

The value of overall construction output in the United States grew by over 131 billion U.S. dollars in 2023. That refers to all construction activities, including the construction of buildings and infrastructure, as well as other specialized activities, such as roofing, HVAC, and plumbing installation, among others.

The construction sector during recessions

The strength of the construction industry generally tends to parallel that of the nation’s economy. After the Great Recession in 2008, there was a noticeable decrease in the value of new construction put in place in the United States, as it can be observed in this statistic. Nevertheless, both public and private construction spending in the U.S. kept increasing in 2020 despite the effects of the start of the COVID-19 pandemic in the economy.

Construction worker shortage

To sustain growth, there are several challenges that the construction industry in the U.S. has faced in the past years. The shortage if skilled labor in the construction industry has been one of the most notable barriers to growth in the industry in the past couple of years. The industry is facing that challenge at a time in which there is also a high demand for new buildings, as there was a significant housing shortage in metropolitan areas all throughout the United States.