- July 1, 2021
- Posted by: Stratford Team
- Category: Business
CLEVELAND, July 1, 2021 /PRNewswire/ — US construction expenditures are forecast to advance 3.9% annually in nominal terms through 2025, according to Construction: United States, a report recently released by Freedonia Focus Reports. Construction contractors stand to benefit from continued gains in the number of households; consumer incomes; and business, nonprofit organization, and government investment following tight pandemic conditions. Faster growth will be limited by the high cost of new construction, particularly due to the high labor and land costs in many densely populated areas.
In 2021, construction expenditures are projected to rise 4.8%. Growth will partly represent a rebound from a challenging 2020, particularly for the commercial building segment. Businesses dependent upon consumer foot traffic – such as lodging and restaurants, which saw depressed revenues due to the pandemic – canceled or postponed construction projects. However,…
