Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "Residential Building Construction Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The residential building construction market size has grown strongly in recent years, from $4389.83 billion in 2023 to $4628.16 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth observed in the historic period can be attributed to various factors, including population growth, economic conditions, mortgage rates, government policies, and incentives, as well as consumer confidence and demographic shifts.
The residential building construction market will see further growth, reaching $5802.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to sustainability and green building practices, affordable housing initiatives, adaptation to remote work, the aging population and universal design principles, as well as an emphasis on supply chain resilience. Major trends expected in the forecast period include digitalization in construction management, technological advancements in the construction industry, the rise of prefabrication and modular construction methods, integration of smart home technology, and the increasing prevalence of digitalization and Building Information Modeling (BIM) in construction practices.
The residential building construction market is anticipated to experience growth due to the expanding population. Population, comprising the citizens of a specific region or nation, plays a pivotal role in determining the scale of building construction. An upsurge in population directly correlates with increased demand for building construction. For instance, data from the World Health Organization (WHO) in October 2022 revealed that between 2015 and 2050, the proportion of the global population aged over 60 is projected to almost double from 12% to 22%. With 1.4 billion people aged over 60 in 2020, the figure is expected to double to 2.1 billion by 2050, while the number of individuals aged 80 or above is estimated to triple, reaching 426 million. Hence, the upward trend in population is a significant driver for the growth of the residential building construction market.
The growth of the residential building construction market is also expected to be fueled by rising economic growth and disposable incomes. Economic growth is indicative of a country's increased productivity and wealth, measured by a surge in the production and consumption of goods and services. Simultaneously, an increase in disposable income is often a result of an improved economy, leading to higher wages and salaries, and an increase in healthcare expenditures. The augmented economic growth and disposable incomes tend to spur housing demand, driving residential building construction as individuals experience heightened purchasing power and investment capability. For example, in June 2023, the Australian Bureau of Statistics reported a 0.2% growth in the Australian economy for the September quarter of 2023. Moreover, in August 2023, the Bureau of Economic Analysis noted a $7.3 billion (less than 0.1%) increase in disposable personal income in July 2021 in the United States. Consequently, the surge in disposable income is contributing to the growth of the residential building construction market.
In response to evolving industry demands and the need for operational optimization, major companies in the residential building construction market are also focusing on advanced solutions such as building construction software. This software encompasses computer programs designed to assist in various aspects of construction project management, including planning, design, scheduling, budgeting, and collaboration among stakeholders.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Markets Covered:
- By Product type: New-Single Family Housing Construction; New-Multi Family Housing Construction; Other Types
- By Sales Type: New Construction; Renovation
- By End-user: Private; Public
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Companies Profiled
- SFK Construction Holdings
- China State Construction Engineering Corporation
- Country Garden Holdings
- Bouygues
- Laing O'Rourke
- Lennar
- D.R. Horton Inc.
- Hochtief AG
- Greystar Worldwide
- Larsen & Toubro
- Bechtel
- Turner Construction
- PulteGroup
- Skanska
- Kiewit
- Taylor Morrison
- TechnipFMC
- Gilbane Building Company
- Meritage Homes
- Century Communities
- Bridge Investment Group
- Alliance Residential Company
- Mill Creek Residential
- Continental Properties Company
- Legacy Housing
- The NRP Group
- DHI Communities
- Clayton Properties Group Inc.
- Black Buffalo 3D Corporation
For more information about this report visit https://www.researchandmarkets.com/r/eijexv
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