America’s construction industry – as we have seen since the start of the pandemic – is thankfully thriving. According to a recent article in For Construction Pros:

“Despite the influence of the COVID-19 pandemic, the December 2020 figure was 5.7% above December 2019’s estimate of $1,410.3 billion. The value of construction in 2020 was $1,429.7 billion, 4.7% above the $1,365.1 billion spent in 2019, led largely by solid growth in the residential construction segment.”

There are many construction projects taking place in America at all times.  Storage, infrastructure and new buildings will always be needed.  Forecasts for 2020-26 in North America indicate that there will be a “healthy growth rate” in construction equipment rental industry which will reach $55bn by 2026. However, this sector was negatively impacted by coronavirus and lockdowns which prevented such companies from operating.

However, Chief Economist at Dodge Data & Analytics, Richard Branch writes:

“While the recovery is underway, the road to full recovery will be long and fraught with potential potholes. After losing an estimated 14% in 2020 to $738 billion, total construction starts will regain just 4% in 2021.”

There will be a rise in single unit home construction starts Branch believes by around 7 percent this year.  But multi-family homes he believes “will pay the price for single family’s gain” as the dollar value of these is predicted to drop by 1 percent this year.

So there is still recovery needed. But overall – and especially compared to other industries – the pandemic has definitely not been the worst for America’s construction industry.