Based on data from over 11,000 tracked large-scale country wide construction projects, data and analytics firm GlobalData finds that 10 U.S. states account for nearly 60% of the total U.S. construction project pipeline value ($3.7 trillion).
The report, “Project Insight – Construction in Key U.S. States,” reveals that California, Texas, and New York are among the states with the highest value of construction projects in the pipeline. With a total of 1,302 projects worth $524.6 billion, California has both the largest number and value of projects, with infrastructure projects and mixed-use developments representing a combined 56% of the state’s total pipeline value.
“The construction of mixed-use developments is booming across many U.S. states, with the building of American city centers and suburbs coming to resemble one another due to changing demands from consumers and homebuyers,” explains GlobalData Economist Dariana Tani. “This is particularly the case for states such as Florida, California, and New York. In Florida, the construction of mixed-use properties is growing faster than any other U.S. state, with five of the top 10 largest construction projects in Florida being mixed-use construction projects, according to GlobalData.”
The desire to live, work, shop and play within walkable distances is not only unique to millennials and baby boomers, but also older generations who want to live in well-connected urban communities.
Tani adds, “The tech industry is also creating new demand to build more residential and commercial buildings, as well as transport infrastructure to accommodate the influx of workers. Big tech companies such as Google, Apple, Facebook, Microsoft, and Amazon are encouraging significant investment. Among the most notable projects in the pipeline are Facebook’s $850-million Willow Campus Mixed-Use Development in San Francisco, Google’s $800-million Residential Development in Mountain View, and Microsoft’s $1-billion Redmond Headquarters Redevelopment.”
The popularity of mixed-used developments is a subject that EC&M continues to extensively cover. In our May 2019 issue, the article “The New Face of Urban America,” by Electrical Wholesaling Content Director Jim Lucy discussed how cities across America are enjoying once-in-a-lifetime urban renewal projects that are pumping billions of dollars into the electrical construction market.
Another article by Lucy, “2019’s Hottest Local Market Areas,” takes a deeper dive into how the nation’s fastest-growing Metropolitan Statistical Areas (MSAs) appear to be positioned for another year of great growth.
And to find out what your most successful peers think of the state of today’s electrical construction industry, don’t miss Freelance Writer Tom Zind’s article, “Designs on the Future: EC&M's 2019 Top 40 Electrical Design Firms.” The insights offered in this article come from EC&M’s proprietary annual Top 40 Electrical Design Firms survey, a look into the state of business and important trends, concerns, and opportunities facing companies whose reported 2018 electrical design revenues range from $7 million to $858 million.