Based on data from over *11,000 tracked large-scale country wide construction projects, GlobalData, a leading data and analytics company, finds that 10 major US states account for nearly 60% of the total US construction project pipeline value (US$3.7 trillion).
GlobalData’s latest report: ‘Project Insight - Construction in Key US States’ reveals that, California, Texas and New York are among the states with the highest value of construction projects in the pipeline. With a total of 1,302 projects worth US$524.6bn, California, for example, has both the largest number and value of projects in the US construction project pipeline, with infrastructure projects and mixed-use developments, representing a combined 56% of California’s total pipeline value.
Dariana Tani, Economist at GlobalData explains: “The construction of mixed-use developments is booming across many US states, with the building of American city centers and suburbs coming to resemble one another due to changing demands from consumers and homebuyers. This is particularly the case for states such as Florida, California and New York. In Florida, the construction of mixed-use properties is growing faster than any other US state, with five of the top 10 largest construction projects in Florida being mixed-use construction projects, according to GlobalData.”
The desire to live, work, shop and play within walkable distances is not only unique to millennials and baby boomers, but also older generations who want to live in well-connected urban communities.
Tani adds: “The tech industry is also creating new demand to build more residential and commercial buildings, as well as transport infrastructure to accommodate the influx of workers. Big tech companies such as Google, Apple, Facebook, Microsoft and Amazon are encouraging significant investment. Among the most notable projects in the pipeline are Facebook’s US$850m Willow Campus Mixed-Use Development in San Francisco, Google’s US$800m Residential Development in Mountain View and Microsoft’s US$1bn Redmond Headquarters Redevelopment.”
*These projects are at all stages of development from announcement to execution.
Related Stories
Market Data | Oct 14, 2020
6 must reads for the AEC industry today: October 14, 2020
Thailand's new Elephant Museum and the Art Gallery of New South Wales receives an expansion.
Market Data | Oct 13, 2020
5 must reads for the AEC industry today: October 13, 2020
Miami Beach Convention Center renovation completes and guidance offered for K-12 schools to support students with asthma.
Market Data | Oct 12, 2020
Majority of contractors fear long-term business implications of COVID-19, according to Construction Executive survey
While many contractors have not yet seen drastic impacts to their business, as construction was in many areas considered an “essential” service, the long-term implications are concerning.
Market Data | Oct 12, 2020
6 must reads for the AEC industry today: October 12, 2020
4 challenges of realizing BIM's value for an owner and Florida office property is designed for a post-Covid world.
Market Data | Oct 8, 2020
6 must reads for the AEC industry today: October 8, 2020
The first rendering of the National Medal of Honor Museum is unveiled and seven urgent changes needed to fix senior living.
Market Data | Oct 7, 2020
6 must reads for the AEC industry today: October 7, 2020
Water-filled windows' effect on energy and construction begins on PGA of America HQ.
Market Data | Oct 6, 2020
Construction sector adds 26,000 workers in September but nonresidential jobs stall
Many commercial firms experience project cancellations.
Market Data | Oct 6, 2020
6 must reads for the AEC industry today: October 6, 2020
Construction rises 1.4% in August while nonresidential construction spending falls slightly.
Market Data | Oct 5, 2020
Nonresidential construction spending falls slightly in August
Of the 16 nonresidential subcategories, nine were down on a monthly basis.
Market Data | Oct 5, 2020
Construction spending rises 1.4% in August as residential boom outweighs private nonresidential decline and flat public categories
Construction officials caution that demand for non-residential construction will continue to stagnate without new federal coronavirus recovery measures, including infrastructure and liability reform.
