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Industry Landscape
The commercial construction industry in the US is experiencing moderate growth driven by sectors like healthcare, education, and industrial. Despite inflation and interest rate concerns, demand for new facilities and renovations remains strong. Focus on sustainable building practices and technological integration is increasing, while labor shortages and material costs pose ongoing challenges.
Total Assets Under Management (AUM)
Construction Spending in United States
~$2.12 trillion (as of May 2024, seasonally adjusted annual rate for total construction spending in the US)
(1.2% (year-over-year, May 2024) CAGR)
Total construction spending increased slightly.
Residential construction declined.
Non-residential construction saw modest gains.
Total Addressable Market
1.3 trillion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Building Information Modeling (BIM)
BIM software allows for the creation and management of digital representations of physical and functional characteristics of places, facilitating collaborative design and construction.
Construction Robotics
Robots are being increasingly utilized for repetitive, dangerous, or precise tasks such as bricklaying, demolition, and even autonomous surveying, enhancing efficiency and safety.
Sustainable Building Materials & Methods
Innovation in materials like self-healing concrete, mass timber, and advanced insulation, coupled with methods like passive house design, reduces environmental impact and operating costs.
Impactful Policy Frameworks
Inflation Reduction Act (IRA) 2022
The IRA provides significant tax credits and incentives for clean energy production, energy efficiency improvements in commercial buildings, and sustainable construction practices.
This policy incentivizes Cardinal Construction and its clients to invest in energy-efficient and renewable energy projects, potentially increasing demand for green building services and technologies.
Buy America, Build America Act (BABA) 2021
This act, part of the Infrastructure Investment and Jobs Act (IIJA), strengthens domestic content preferences for federally funded infrastructure projects, requiring the use of American-made iron, steel, manufactured products, and construction materials.
Cardinal Construction may need to adjust its supply chain to prioritize domestic materials for federally funded projects, potentially impacting material costs and availability but also supporting local economies.
State and Local Building Code Updates (e.g., Iowa's Energy Code 2024)
Many states, including Iowa, are regularly updating their building codes to align with more stringent energy efficiency standards (e.g., IECC 2021 adoption cycle) and incorporate resilience measures.
Cardinal Construction must ensure compliance with evolving energy efficiency and resilience requirements in its designs and construction, potentially necessitating new construction techniques or materials for clients.
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