Large-scale project investments and infrastructure development in the region is driving the North America construction market demand during the forecast period.

The North America Construction Market size was valued at USD 2298.24 billion in 2023, and is predicted to reach USD 3529.36 billion by 2030, at a CAGR of 5.3% from 2024 to 2030, according to the new research by Next Move Strategy Consulting.

The infrastructure sector in North America is undergoing substantial growth, primarily fueled by increased investments in large-scale projects and infrastructure development. In Canada, notable among these are the top ten megaprojects in real estate, including the Site Clean Energy Project, GO Expansion – On-Corridor Works, Bruce Power Refurbishment, Darlington Nuclear Refurbishment, Eglinton Crosstown LRT, Ontario Line, GO Expansion Projects – Early Works, Iona Island Wastewater Treatment Plant, TTC Vehicles Program, and Réseau express metropolitain. These significant undertakings that been instrumental in driving the market's expansion across the country.

However, the construction market is confronted with significant challenges stemming from the intricate network of government regulations and permitting processes. Infrastructure projects often require a multitude of permits and approvals from local, regional, and national government bodies, covering various aspects such as zoning regulations, environmental assessments, building codes, safety standards, and other regulatory requirements.

Lengthy permit acquisition procedures, bureaucratic inefficiencies, and regulatory disparities across jurisdictions can substantially prolong project timelines and escalate costs. Moreover, regulatory fluctuations or sudden policy changes disrupt ongoing projects and discourage potential investments. 

For example, the United States Environmental Protection Agency (EPA) oversees several facets of the infrastructure sector, including air quality, lead management, waste disposal, and water regulations. The EPA's compliance assistance centers offer resources to aid environmental compliance during demolition activities, material reduction and recycling, and the proper disposal of refrigeration and air-conditioning equipment.

Conversely, the infrastructure sector is undergoing a transformative phase driven by digitalization and the adoption of Building Information Modeling (BIM). These advancements leverage cutting-edge technologies to enhance efficiency, accuracy, and collaboration across projects. BIM, a sophisticated 3D modeling tool, empowers stakeholders to create and manage digital representations of structures and infrastructure, thereby fostering improved coordination and communication among project teams.

For instance, in September 2022, the National Institute of Building Sciences (NIBS) initiated the U.S. National Building Information Management (BIM) Program. This ground breaking initiative aims to revolutionize the infrastructure industry and achieve unprecedented levels of efficiency through digitalization. By addressing the current low level tal of digitalization in the U.S. infrastructure sector, this program seeks to transform lifecycle work processes to be more efficient, cost-effective, resilient, and safer for both construction and maintenance activities.

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Several key market players operating in the North America construction industry include China State Construction Engineering Corp. Ltd. (CSCEC), China Railway Group Ltd. (CREC), China Railway Construction Corp. Ltd. (CRCC), China Communications Construction Group Ltd. (CCCC), Metallurgical Corporation of China Ltd. (MCC), Power Construction Corp. of China, Vinci SA, China Energy Engineering Corp. (CEEC), Shanghai Construction Group (SCG), Bouygues Group, and others.

Key Insights from the North America Construction Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the North America construction market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The report provides an analysis of the North America construction market share and competitive landscape of key players in the industry.