Residential Building Construction Market Size, Key Drivers, Growth, Demand, Analysis 2024-2033

Global residential building construction market size is expected to reach $5802.69 Bn by 2028 at a rate of 5.8%, segmented as by product type, new-single family housing construction, new-multi family housing construction, other types

Jul 25, 2024 - 13:47

Residential Building Construction Market Size, Key Drivers, Growth, Demand, Analysis 2024-2033

Overview and Scope

Residential building construction refers to the altering, building, repairing, planning, acquiring, and designing of a residential structure of any residential building. This involves the assembly and erection of structures using various engineering techniques to provide better buildings and infrastructure.

Sizing and Forecast

The residential building construction market size has grown strongly in recent years. It will grow from $4389.83 billion in 2023 to $4628.16 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to population growth, economic conditions and mortgage rates, government policies and incentives, consumer confidence, demographic shifts.

The residential building construction market size is expected to see strong growth in the next few years. It will grow to $5802.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to sustainability and green building practices, affordable housing initiatives, adaptation to remote work, aging population and universal design, supply chain resilience. Major trends in the forecast period include digitalization in construction management, technological advancements in construction, prefabrication and modular construction, smart home technology integration, digitalization and building information modeling (BIM).

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Segmentation & Regional Insights

The residential building construction market covered in this report is segmented –

1) By Product type: New-Single Family Housing Construction, New-Multi Family Housing Construction, Other Types

2) By Sales Type: New Construction, Renovation

3) By End-User: Private, Public

North America was the largest region in the residential building construction market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global residential building construction market during the forecast period. The regions covered in the residential building construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising population is expected to propel the growth of the residential building construction market going forward. Population refers to the citizens of a specific nation or location or common people. An increase in population is the dominant factor in determining the volume of building construction, as a result, the rising population would directly reflect the growth of building construction. For instance, in October 2022, according to World Health Organization (WHO), a Switzerland-based specialized government agency, between 2015 and 2050, the proportion of the world's population over 60 years would nearly double from 12% to 22%. Additionally, there are 1.4 billion people over the age of 60, up from 1 billion in 2020 and this would double by 2050 with 2.1 billion people. Between 2020 and 2050, the number of people 80 or elderly is projected to triple, reaching 426 million. Therefore, the rising population is a driving factor in the growth of the residential building construction market.

Key Industry Players

Major companies operating in the residential building construction market report are SFK Construction Holdings Limited, China State Construction Engineering Corporation Limited, Country Garden Holdings Limited, Bouygues S.A., Laing O’Rourke Plc, Lennar Corporation, D.R. Horton Inc., Hochtief AG, Greystar Worldwide LLC, Larsen & Toubro Limited, Bechtel Corporation, Turner Construction Company, PulteGroup Inc., Skanska AB, Kiewit Corporation, Taylor Morrison Inc., TechnipFMC PLC, Gilbane Building Company, Meritage Homes Corporation, Century Communities Inc., Bridge Investment Group LLC, Alliance Residential Company, Mill Creek Residential, Continental Properties Company Inc., Legacy Housing Corporation, The NRP Group LLC, DHI Communities Inc., Clayton Properties Group Inc., Black Buffalo 3D Corporation, Related Group

The residential building construction market report table of contents includes: