U.S. Construction Industry Shows an Average Annual Growth Rate of 5.9%

2011-08-16

According to Global Construction Perspectives and Oxford Economics, the U.S. construction industry will surpass GDP in 2020 by its average annual growth rate of 5.9%. Owing to the fact that the markets of both residential and non-residential building construction in the short term have double-digit growth, the US construction industry is expected to rebound from the recession. Doug Godden, the senior economist of Oxford Economics indicated that China will outpace the US, becoming the largest construction market in the world in 2020. But the US still remains the world's second largest construction market in 2020 due to the drive of the cyclical rebound and increasing population.