Find stats on top websites
Industry Landscape
The U.S. commercial construction industry is experiencing mixed signals. While some sectors like manufacturing and data centers show strength, others like office spaces face headwinds. Infrastructure spending is a tailwind, but labor shortages and material costs remain challenges, pushing innovation in modular construction and sustainable practices.
Total Assets Under Management (AUM)
Construction Spending in United States
~Approximately $2 trillion (US total for all construction as of late 2023/early 2024, commercial is a significant portion)
(3-5% CAGR)
- Growth driven by infrastructure and manufacturing.
- Office and retail sectors face declines.
- Residential also impacting overall figures.
Total Addressable Market
1.8 trillion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Modular Construction
Off-site construction of building components or modules that are then assembled on-site, significantly reducing construction time and waste.
AI & Machine Learning in Project Management
Leveraging AI for predictive analytics, risk assessment, scheduling optimization, and automated progress tracking in construction projects.
Building Information Modeling (BIM) 5D/6D
Advanced BIM incorporating cost (5D) and lifecycle/sustainability (6D) data for comprehensive project planning, execution, and facility management.
Impactful Policy Frameworks
Infrastructure Investment and Jobs Act (IIJA) 2021
The IIJA, enacted in 2021, allocates significant federal funding for infrastructure projects including roads, bridges, public transit, water infrastructure, broadband internet, and clean energy.
This policy creates substantial opportunities for P.J. Hoerr in public works and infrastructure projects, aligning with their municipal and government client base.
Inflation Reduction Act (IRA) 2022 - Energy Efficiency Provisions
The IRA, signed into law in 2022, offers tax credits and incentives for energy-efficient commercial buildings, renewable energy installations, and sustainable construction practices.
The IRA encourages P.J. Hoerr to integrate more sustainable and energy-efficient designs and materials, appealing to clients seeking green building solutions and tax benefits.
Buy America, Build America Act (BABA) 2021
A provision within the IIJA, the BABA mandates that federal infrastructure projects use iron, steel, manufactured products, and construction materials produced in the United States.
BABA may necessitate adjustments in P.J. Hoerr's supply chain to ensure compliance for federally funded projects, potentially favoring domestic suppliers.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
