Construction Spending in the United States decreased 0.30 percent in May of 2025 over the previous month. This dataset provides the latest reported value for - United States Construction Spending - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Based on short-term projections, the U.S. non-residential construction market is expected to increase by approximately * percent in 2024. That year, growth is expected to be the highest in the data center construction segment, with a year-on-year change of **** percent. Meanwhile, the value of spending on warehouses was expected to decrease that year, but to recover in 2026. The value of private non-residential buildings put in place in the U.S. soared in 2023 and continued growing in 2024. That was similar to how public non-residential construction has evolved, which also had a noticeable growth in 2023 and 2024. Non-residential construction market There are various drivers that impact the non-residential construction market and can be highly dependent on the sector. Demand for leisure travel has a major influence on the value of hotel construction in the United States. For example, construction spending on the hotels fell sharply in the first years of the COVID-19 pandemic, when travel was constrained. On the other hand, the growth in the office building market is guided to a large extent by corporate relocations, the lack of vacant spaces in major metropolitans, and trends in the hybrid working policies of companies. Industrial real estate receives most investment The value of investment in commercial real estate in the U.S. fell significantly in 2022 and 2023, but it started recovering slightly in 2024. The value of investment in office real estate fell the most in the past years, but it grew at a faster pace than other segments in 2024.

Graph and download economic data for Total Private Construction Spending: Residential in the United States (PRRESCONS) from Jan 1993 to May 2025 about residential, expenditures, construction, private, and USA.

The new constructions put in place in the United States in 2023 were valued at almost two trillion U.S. dollars. In the coming years, the value of construction is expected to keep growing, reaching roughly *** trillion U.S. dollars in 2028. Construction spending has been growing steadily over the last couple of years. Up to 2021, residential building construction spending also increased.

Graph and download economic data for Total Construction Spending: Manufacturing in the United States (TLMFGCONS) from Jan 2002 to May 2025 about expenditures, construction, manufacturing, and USA.

Single-family housing construction in the U.S. fell by nearly ** billion U.S. dollars in 2023, but it is expected to increase slightly in 2024. During the coming years, the overall spending on new residential construction in the United States is also expected to recover from a decrease in value experienced in 2023 and 2024.

After reaching a peak value in 2022, the construction spending in new industrial buildings in the United States fell to *** billion U.S. dollars and it is forecast to fall again in the coming years. The value of industrial construction starts is forecast to amount to **** billion U.S. dollars in 2026. The overall construction spending in the U.S. is also projected to decrease in the next years.

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Fall Protection Equipment Market Size 2025-2029

The fall protection equipment market size is forecast to increase by USD 1.49 billion at a CAGR of 8.8% between 2024 and 2029.

The market is witnessing significant growth due to the increasing demand from various industries, particularly construction and public safety. With the construction sector experiencing a boom, the need for strong fall protection solutions is on the rise. Moreover, the growing popularity of recreational activities that involve heights, such as rock climbing and zip lining, is driving the demand for fall protection equipment. However, the market faces challenges such as poor enforcement of workplace safety regulations in developing countries, which may hinder market growth. Additionally, the increasing adoption of workwear integrated with fall protection features in industries like public transportation and telecom projects is a notable trend.
Furthermore, e-commerce businesses are increasingly selling fall protection equipment online, making it more accessible to end-users. The wire harnesses segment is also expected to witness considerable growth due to the rising demand for fall protection solutions In the telecom sector. Overall, the market is expected to continue its growth trajectory, driven by these trends and challenges.

What will be the Size of the Fall Protection Equipment Market During the Forecast Period?

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The market encompasses a range of accessories and systems designed to safeguard workers from falls at heights or in hazardous environments. Key industries driving market growth include construction, confined spaces such as tanks and vessels, and public transportation infrastructure. Fall protection solutions include full body harnesses, chest harnesses, safety nets, body belts, and suspension belts. These products mitigate risks associated with repetitive stress injuries and muscle overuse. Fall protection systems are also crucial for rescue operations and adhere to workplace safety regulations in various sectors, prioritizing employee wellbeing. Additionally, initiatives in religious establishments and public safety infrastructures contribute to market expansion.
The market's size is substantial, with continuous growth attributed to increasing construction spending and the importance of ensuring public safety. Guardrails and safety net systems are complementary offerings withIn the market.

How is this Fall Protection Equipment Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Anchors and connectors
  Bodywear
  Devices
  Others


End-user

  Construction
  Energy and utilities
  Oil and gas
  Others


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France
    Italy
    Spain


  APAC

    China
    India
    Japan


  South America



  Middle East and Africa

By Product Insights

The anchors and connectors segment is estimated to witness significant growth during the forecast period.

The market plays a crucial role in safeguarding workers from falls in various industries, including construction and maintenance. These safety devices consist of bodywear, such as full body harnesses, chest harnesses, body belts, and suspension belts, to which anchors and connectors are attached. Anchors, including those for concrete, steel structures, and roofs, provide secure attachment points. Connectors, such as lanyards and lifelines, link the harness to the anchor, preventing falls and ensuring worker safety. Fall protection equipment, including safety nets, rescue kits, and guardrails, is essential for industries with a high risk of falls, repetitive stress injuries, and muscle overuse.

Compliance with safety regulations is paramount in ensuring employee wellbeing and workplace safety. Key industries include construction, transportation, mining, energy and utility, telecom, and manufacturing sites. Fall protection systems are available as on-body and off-body products, with e-commerce networks facilitating easy access. Organic and inorganic growth strategies are employed by market players to expand their offerings and cater to diverse customer needs.

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The Anchors and connectors segment was valued at USD 1.02 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 34% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Over the current period, waterproofing contractors have faced an overall decline in revenue. While the residential construction market performed well for some of the current period, consistently slow commercial construction activity hindered growth. Over the past five years, industry-wide revenue has been declining at an expected CAGR of 2.2%, reaching an estimated $5.2 billion in 2024, when revenue is set to increase 0.1% and profit is expected to have fallen to 7.2%. The outbreak of COVID-19 had mixed effects on waterproofing contractors. Low interest rates meant to spur the economy led to a housing market boom, driving industry demand through private spending on home improvements and housing starts. Despite low interest rates, economic uncertainty and falling corporate profit led to falling commercial construction activity. As interest rates have been elevated from 2022 into 2024, when the Federal reserve has begun to cut rates, residential and commercial construction activity has fallen. Elevated wage and purchase costs have drove down average industry profit margins in recent years. Over the outlook period, waterproofing contractors will return to growth. Growing housing starts will bolster waterproofing contractors' growth as mortgage rates eventually drop. Private spending on home improvements returning to growth will be a boon to contractors. An uptick in commercial building construction activity over the outlook period as interest rates continue to drop will also promote growth. Tax incentives for energy-efficient residential and commercial buildings will greatly benefit waterproofing contractors. Overall, industry revenue is expected to grow at a CAGR of 1.6% to reach $5.6 in 2029.

The industry has encountered challenging conditions, with revenue falling at a CAGR of 1.2% to $28.5 billion over the past five years, despite a bump of 4.9% in 2023 alone. Hospitals have met a high degree of fiscal uncertainty via to the whittling down of the Patient Protection and Affordable Care Act (PPACA) from the prior administration, while a renewed focus on it by the Biden administration has already boosted the number of health-insured consumers, bolstering demand for hospital construction. From legislative hurdles to the global pandemic outbreak causing construction stoppages amid a surge in demand for hospital capacity, the industry has endured significant volatility.The industry includes private and public hospital construction, though private hospital construction makes up nearly 80.0% of the total. Growth in the value of both private and public hospital construction has been insufficient to keep up with inflation. This inconsistency in private and public markets helps to explain the halt in industry revenue growth, while at a broader level, hospitals have opted to shift acute care services to off-campus locations to reduce costs and reach a larger patient pool. The move has helped hospitals mitigate lower admission and inpatient days, but these facilities are smaller and generate less revenue for enterprises. As demand for hospital space in 2020 skyrocketed amid the pandemic, the industry couldn't respond rapidly due to local and state work stoppages.Going forward, revenue growth for the industry will resume as total health expenditure remains strong and the value of private nonresidential construction fully recovers and accelerates ahead of declines exhibited during the pandemic. As the population ages, a rising senior demographic will embolden demand for hospital services. In the post-pandemic world, government support for hospital capacity will also rise, benefiting industry performance. Overall, industry revenue is slated to grow at a CAGR of 3.0% to an estimated $33.0 billion in 2028 as profit recovers to 3.3%.

The total value of lodging construction put in place in the United States has fluctuated significantly between 2008 and 2024. In 2008, the value of hotel construction peaked at **** billion U.S. dollars, only to fall down to * billion U.S. dollars a couple of years later. In 2024, the construction spending on hotels and other resorts fell by **** billion U.S. dollars.

The global Building Perimeter Protection System market is experiencing robust growth, driven by increasing construction activities worldwide and stringent safety regulations. The market, valued at approximately $5 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 6% from 2025 to 2033. This growth is fueled by several key factors, including the rising demand for advanced safety solutions in high-rise buildings and infrastructure projects, the increasing adoption of technologically advanced systems like automated perimeter monitoring, and the growing focus on worker safety across various construction sectors. The market is segmented by type (Outer Frame, Hanging, Internal Frame) and application (Architectural, Transportation Industry), with the architectural sector currently dominating. Major players like BrandSafway, PERI, and Doka are driving innovation and market expansion through product diversification and strategic partnerships. The market's growth is also influenced by several trends, such as the increasing integration of smart technologies, the rise of modular construction techniques, and the growing preference for sustainable and eco-friendly building materials. However, challenges like fluctuating raw material prices, economic downturns affecting construction spending, and the need for skilled labor to install and maintain these systems pose potential restraints. Regional variations exist, with North America and Europe currently holding significant market shares due to established construction industries and robust safety regulations. However, rapidly developing economies in Asia-Pacific are showing significant growth potential and are expected to contribute considerably to the overall market expansion in the coming years. The market is expected to continue its upward trajectory, driven by the ongoing demand for enhanced safety measures and technological advancements in the construction industry.

Sports and athletic field construction has slowed following economic headwinds and supply chain disruptions. Inflation and economic instability have tightened budgets, limiting available funding for large-scale construction projects. With interest rates high to combat inflation, the cost of capital has skyrocketed, deterring companies from taking on expensive loans for new construction. Consumers and institutions, prioritizing immediate needs, have deferred maintenance projects, exacerbating the funding crunch. Revenue fell at a CAGR of 7.5% to reach an expected $4.2 billion, despite a rebound of 1.7% in 2024. Material shortages have driven up prices for critical inputs like steel, causing profits to contract. High fuel costs and labor shortages have also disrupted the efficient transportation of construction materials. Despite technological improvements in turf systems, the high investment costs and the trend toward multi-use fields have dampened revenue growth. The rise in youth sports participation has spurred some demand, but regional variations in sports popularity have led to uneven growth across different areas. Sports and athletic field construction will rebound as macroeconomic conditions improve over the next few years. As inflation slows and interest rates drop, the cost of capital will sink, enabling larger projects that were previously deferred. Climate change and the increasing demand for water conservation will further drive the shift towards artificial turf, aided by local and state government incentives. Alternative funding models like Energy Savings Performance Contracts (ESPCs) and government grants are set to play a significant role, providing much-needed financial support for athletic facility upgrades. Revenue is expected to climb at a CAGR of 2.0% to reach $4.6 billion in 2029.

The value of air transport infrastructure construction was much higher in 2024 than a decade earlier. Nevertheless, most of the spending was still focused on building railroads. Transportation construction spending fell between 2018 and 2021, but it has recovered fast since then.

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Bulbs Market Size 2024-2028

The bulbs market size is forecast to increase by USD 15.84 billion at a CAGR of 4.6% between 2023 and 2028.

The market is experiencing significant growth due to the expansion of the construction industry and the increasing adoption of energy-efficient solutions, such as LED bulbs. The demand for intelligent street lighting and smart city projects is driving the market, particularly in the outdoor segment.
Moreover, retrofitting existing installations with LED bulbs is also gaining popularity in sectors like retail and hospitality, offices, and architectural applications. However, the market faces challenges such as the high initial investment cost and potential malfunctions of LED bulbs, which may hinder its growth. To remain competitive, market players are focusing on improving the durability and reliability of LED bulbs while reducing their costs. This approach will help address the challenges and further boost the market's expansion.

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The light bulb market is experiencing significant growth driven by advancements in lighting technologies and the increasing demand for energy efficiency and customizable lighting solutions. This sector encompasses various types of bulbs, including incandescent, fluorescent, and LED bulbs. Energy efficiency is a crucial factor influencing the market's growth. Energy-efficient lighting, particularly LED bulbs, is gaining popularity due to their long lifespan, low energy consumption, and cost savings. These bulbs are not only environmentally friendly but also offer aesthetically pleasing lighting options for both residential and commercial applications. Smart lighting is another trend transforming the light bulb industry.
Moreover, IoT integration enables users to control lighting systems via smartphones, providing convenience and energy savings. Advanced lighting technologies, such as chip design and optical components, play a vital role in enhancing the performance and efficiency of these smart lighting solutions. Residential and commercial sectors are significant contributors to the market's growth. Energy-efficient lighting solutions are increasingly being adopted in homes and offices to reduce energy consumption and operating costs. Moreover, the integration of IoT technologies in lighting systems offers numerous benefits, including smart health monitoring, sleep monitoring, and fall detection. LED bulb market growth is fueled by advancements in LED heat dissipation and chip design.
Additionally, effective heat management and improved chip design contribute to increased bulb lifespan, higher efficiency, and better overall performance. In conclusion, the light bulb market is witnessing substantial growth due to the increasing demand for energy efficiency, customizable lighting solutions, and IoT integration. LED bulbs, in particular, are driving the market forward with their long lifespan, low energy consumption, and advanced features. The integration of IoT technologies is revolutionizing the industry by offering smart lighting systems that cater to various applications and user needs.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Residential
  Commercial
  Industrial


Distribution Channel

  Offline
  Online


Geography

  APAC

    China
    Japan


  Europe

    UK


  North America

    US


  Middle East and Africa



  South America

By Application Insights

The residential segment is estimated to witness significant growth during the forecast period.

The United States residential market for bulbs is witnessing notable expansion due to the surge in residential construction spending and the growing preference for energy-efficient and visually appealing lighting solutions. The residential segment caters to lighting requirements in various areas of homes, such as living rooms, bedrooms, modular kitchens, and outdoor spaces. According to the US Census Bureau, residential construction spending rose from USD 6.89 billion in 2019 to USD 10.7 billion in 2023, indicating a strong commitment to enhancing and modernizing residential infrastructure. Moreover, the integration of advanced technologies like Smart Health Monitoring, Radar Technology, WiFi, and Bluetooth in light bulbs is gaining popularity among homeowners.

Moreover, these technologies offer energy savings, convenience, and added security features. For instance, energy-saving bulbs, such as LED bulbs, are increasingly being adopted due to their long lifespan and energy efficiency. Furthermore, smart bulbs with built-in health monit

The construction of multifamily homes in the U.S. is expected to fall sharply in 2024 and 2025. This would come after a period of significant growth between 2019 and 2023, when it peaked at ****** billion U.S. dollars. New residential construction in the United States decreased in 2023.

According to home builders, the construction costs comprise the largest share of the sales price of a single-family home, followed by the finishing lot cost. In 2024, these two categories accounted for about ** percent of the final property price. The cost of finishing the lot as a share of all costs has decreased notably, falling by ** percentage points since 1998. In 2024, the breakdown applies to a home with an average lot size of approximately ****** square feet, finished area of ***** square feet, and an average final sales price of ******* U.S. dollars. This is much higher than the median sales price of a newly built home according to the US Census Bureau, but the source explains that with the survey design, which gives more weigh to smaller builders who potentially operate in the higher priced-segment.

Water and sewer line construction has expanded slightly over the past five years as more water mains, sewer systems and water treatment plants have been constructed, repaired and renovated to carry potable water to and wastewater away from residential and nonresidential buildings. Industry revenue has grown at a CAGR of 1.0% to an estimated $65.3 billion over the five years through 2025, including an expected 0.6% increase in 2025 alone as interest rate cuts, which began in 2024 and have continued into 2025, will precipitate some construction activity. Overall growth was notably spurred on by historically low interest rates that incentivized capital investment early in the current period. More recently, rising interest rates and economic uncertainties drove a shift toward revenue earned from repair and maintenance projects as larger construction projects became financially unviable. Various major markets, including thermoelectric power, agriculture and public water supply, are instrumental in the future development of the water and sewer line construction industry. While global demand for electricity has been rising, the decrease in usage and closure of coal-fired power plants has led to declining water usage from thermoelectric power plants. New thermoelectric plants that use water more efficiently still present an opportunity for water and sewer line contractors. However, renewable energy sources largely don't use water in the generation process. Many domestic water and sewer lines are aging and require significant repairs, resulting in increased spending on maintenance, repair and reconstruction. Environmental challenges related to climate change and the need for water-efficient facilities offer more growth opportunities for the industry. There is no shortage of lucrative projects for water and sewer line construction companies. Water and sewer line construction is set to increase at a CAGR of 1.2% to $69.3 billion over the five years to 2030. This optimistic outlook is bolstered by the continued investment in sewage and water treatment plants, spurred by urban growth. Falling interest rates are expected to make expensive projects more feasible and drive construction activity. The industry should also benefit from the adoption of innovative technologies such as trenchless construction and smart pipes, enhancing revenue growth over the coming years.

The recent performance of the HVACR industry has been significantly influenced by fluctuations in the residential and commercial construction markets, regulatory changes, and global trade dynamics. Initially, low interest rates spurred residential construction activity, boosting demand for heating, ventilation, air conditioning, and refrigeration (HVACR) equipment. Rate hikes by the Federal Reserve in mid-2022 cooled this demand, especially affecting the financing of construction spending. As interest rates are expected to fall in 2025, a resurgence in residential construction could drive demand, particularly in the growing Southwest market. Commercial demand has been more volatile, initially declining during the pandemic but recovering with the rise of industries like data centers that require advanced climate control solutions. The HVACR industry faces stringent energy efficiency regulations, with manufacturers pressured to innovate due to varying standards across regions. This drive for energy efficiency could lead to higher short-term costs but opens opportunities for market differentiation. On a global scale, the HVACR industry has increasingly leaned on international supply chains, with significant portions of U.S. demand satisfied by imports. Despite tariffs on Chinese, Canadian, and Mexican goods raising production costs, international trade agreements like the USMCA facilitate U.S. exports to neighboring markets. Ongoing trade tensions, coupled with tariffs, pose challenges and could increase operational costs, inflationary pressures, and economic uncertainty, affecting consumer spending and business borrowing. Industry revenue is forecast to rise at a CAGR of 1.1% to $58.6 billion through the end of 2025, with expected growth of 1.5% during the current year. Interest rate cuts and lower inflation are expected to boost residential construction by making mortgages more affordable, increasing demand for HVAC systems in new homes. Nonresidential construction will also expand significantly in the next five years, with a corresponding rise in demand for HVACR equipment for new commercial buildings. This growth in residential and commercial construction will benefit HVACR manufacturers, suppliers, and service providers, creating job opportunities and stimulating economic activity. As consumer spending rises, particularly in dining out, restaurants will need more advanced refrigeration systems, further driving demand in the HVACR sector. The HVACR industry's export opportunities, especially to Canada and Mexico, are expected to grow, although challenges like tariffs may affect production costs. Imports, primarily from Mexico and China, are increasing due to lower labor costs, but are also likely to face uncertainty or additional costs due to tariffs. Reflecting these potential developments, industry revenue is expected to grow at a CAGR of 1.9% to $64.4 billion through the end of 2030.

Insulation contractors have had to roll with the punches in recent years because of market volatility. While commercial activity has recovered substantially from the pandemic's lows, it has revolved chiefly around renovating existing structures. While this has undoubtedly kept contractors busy, it hasn't led to a surplus. However, the residential sector has been a source of optimism. Low interest rates following the outbreak of COVID-19 stimulated housing starts, remarkably benefitting new single-family home-building projects. These trends were also extended by a boom in the multifamily construction market, providing sustained growth for insulation contractors. Still, interest rate hikes led to a slowdown in residential construction activity, contributing to declines. Interest rate cuts and low housing stock in 2024 have led to a resurgence in single-family housing construction, greatly benefitting contractors. Overall, revenue has been falling at a CAGR of 1.4% over the past five years to total an estimated $9.8 billion, including an expected 1.4% expansion in 2024. Insulation contractors have struggled with declining revenue and rising input costs. However, profit has surprisingly climbed, partly because contractors have passed some higher costs onto customers. Also, an influx in nonemployers has contributed to falling wage costs, so labor shortages that have plagued the construction sector haven't hindered profit growth as these small-scale nonemployers hire subcontracted labor on a per-project basis. But it's not all about passing costs; efforts towards energy efficiency have also proven beneficial. Government programs promoting home energy efficiency have helped soften the blow of disenchanting market performance. Continued interest rate cuts will trigger new residential construction projects, which could be a windfall for insulation contractors. Yet, challenges remain. Office building construction will continue to lag, potentially hindering growth. Also, a potent swelling in the cost of construction materials and a potential expansion in price-based competition among contractors because of the ease of entry could hamper profit growth. Insulation contractors must stay agile, leveraging new-age tools like digital project management, machine learning and artificial intelligence and continuously updating their knowledge to meet tightening energy efficiency and insulation standards. Overall, revenue is forecast to climb at a CAGR of 2.0% to $10.9 billion through the end of 2029.