Large contractors are always on the hunt for the locations with the most amount of work and, according to a new report, they don’t have to really spread too thin to have a chance at most of it.
A research company named GlobalData recently released a report called “Project Insight – Construction in Key US States,” in which they explain the results of tracking 11,208 construction projects across the United States.
Amazingly, the firm found that only 10 total states account for nearly 60% of the entire US construction market:
1. California
2. Texas
3. New York
4. Florida
5. Washington
6. Illinois
7. Pennsylvania
8. Georgia
9. Ohio
10. North Carolina
Not many of the states on the list should be a huge surprise, as most of them are leaders in energy and public works projects. As of May 2019, California has the most projects and project value, according to the report, thanks to their large number of megaprojects in transport infrastructure and energy and utilities projects.
Texas is the leader in energy and utilities projects, but they also have a large number of mixed use developments and infrastructure projects.
Florida, Georgia, and Washington are experiencing the largest construction growth over the past 5 years, with annual average growth rates of 9.9%, 8.7%, and 6%, respectively.
The report states that construction output grew from 3.4% in 2017 to 4.4% in real gross terms. They attributed that increase to a combination of recent corporate tax cuts and state and local governments increased efforts to raise money for public works projects.
Full report: Project Insight - Construction in Key US States | GlobalData
