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 | Feb 5, 2016
CMD/Oxford forecast: Nonresidential building growth will recover modestly in 2016
Increased government spending on infrastructure projects should help.
Market Data | Feb 4, 2016
Mortenson: Nonresidential construction costs expected to increase in six major metros
The Construction Cost Index, from Mortenson Construction, indicated rises between 3 and 4% on average.
Contractors | Feb 1, 2016
ABC: Tepid GDP growth a sign construction spending may sputter
Though the economy did not have a strong ending to 2015, the data does not suggest that nonresidential construction spending is set to decline.
Data Centers | Jan 28, 2016
Top 10 markets for data center construction
JLL’s latest outlook foresees a maturation in certain metros.
Market Data | Jan 20, 2016
Nonresidential building starts sag in 2015
CDM Research finds only a few positive signs among the leading sectors.
Market Data | Jan 20, 2016
Architecture Billings Index ends year on positive note
While volatility persists, architecture firms reported healthy performance for 2015.
Market Data | Jan 15, 2016
ABC: Construction material prices continue free fall in December
In December, construction material prices fell for the sixth consecutive month. Prices have declined 7.2% since peaking in August 2014.
Market Data | Jan 13, 2016
Morgan Stanley bucks gloom and doom, thinks U.S. economy has legs through 2020
Strong job growth and dwindling consumer debt give rise to hope.
Hotel Facilities | Jan 13, 2016
Hotel construction should remain strong through 2017
More than 100,000 rooms could be delivered this year alone.
Market Data | Jan 6, 2016
Census Bureau revises 10 years’ worth of construction spending figures
The largest revisions came in the last two years and were largely upward.
