CINCINNATI, March 18, 2021 /PRNewswire/ — ConstructConnect, a leading provider of construction data, network, and technology solutions, today announced the launch of its new U.S. Construction Put-In-Place Forecast service, offered in partnership with Oxford Economics, provides unparalleled visibility of U.S. public and private construction spending across all 50 states, as well as more than 400 cities and 3,000 counties—offering critical market intelligence on the myriad ways in which pandemic-induced structural shifts in economic activity and consumer behavior will impact construction markets looking ahead.
Overall U.S. construction activity was well-insulated from the damaging economic effects of the pandemic, with total put-in-place spending managing nearly 5% growth last year. However, there was considerable dispersion across regions, with many large states enduring more lengthy and stringent lockdowns seeing considerable declines.
Looking ahead, the new dataset reveals several longer-lasting impacts of the pandemic, including stronger suburban growth in residential building outside of certain central cities, a significant decline in office construction that will take years to recoup, and robust growth in residential single-family, lodging, and health care. Infrastructure also has strong prospects, with Biden’s decarbonization plans offering additional upside risk.
“In spite of near-term upward pressure on prices and supply chain bottlenecks, construction has weathered the pandemic well, and with the exception of weakness in segments associated with home working and a slow rebound of travel and tourism, is set for continued growth this year,” said Jeremy Leonard, Director of Global Industry Services at Oxford Economics.
“The inaugural release of the ConstructConnect/Oxford Economics U.S. Construction Put-In-Place Forecast demonstrates just how important this series will be to any enterprise that needs to understand where our industry is headed. The geographic granularity and frequency of the data will enable businesses to plan their production, supply chain, and human resources more effectively than ever. It’s an exciting day,” noted Paul Hart, Director of Product Marketing at ConstructConnect.
ConstructConnect is a leading provider of construction information and technology solutions in North America, and a wholly owned subsidiary of Roper Technologies, Inc. ConstructConnect is committed to transforming the way the construction industry does business by providing its customers the tools, information, and connections needed to drive their success. For more information, visit constructconnect.com.
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