Forecast: Construction Industry Gross Output in the US

The US construction industry gross output showed consistent growth from 2013 to 2023, with actual output at $1.7967 trillion in 2023. The annual growth rate ranged from 7.55% in 2013 to 2.2% in 2023, reflecting varying degrees of expansion influenced by economic conditions. The Compound Annual Growth Rate (CAGR) over the last five years was 2.24%, indicating moderate growth. The year 2020 experienced a slight contraction of -2.62% due to market disruptions but recovered with an increase of 7.79% in 2021, followed by steadier improvements in subsequent years. Looking forward, the industry is forecasted to grow with a five-year CAGR of 1.68% through 2028, resulting in a total growth rate of 8.67%. Future trends to watch for include the impacts of technological advancements, sustainability initiatives, changes in regulatory policies, and economic uncertainty which may influence the projected growth trajectory.