Renub Reserch latest report, titled “United States Real Estate Market by Segments (Private, Public) Construction, Category (Residential & Non- Residential), Company Analysis, Forecast” the United States Real Estate Market is expected to reach US$ 1,751 Billion by 2027. Globally the real estate sector is the most recognized industry. In the United States, the real estate industry has been a big business generating billions of dollars in revenue annually. There are ample openings for entrepreneurs to turn a profit. Hence, Real estate plays an essential role in the U.S. economy. Moreover, real estate accounts for a significant portion of all economic activity at the aggregate level, and changes in the real estate market also have broader effects on the economy.
United States Housing Market will grow with a CAGR of 5.45% from 2020 to2027
The American real estate sector has witnessed high growth with a rise in demand for office and residential spaces. The government of America and the governments of respective states has taken several initiatives to encourage development in the sector. Besides, the growth of the real estate sector in the United States is well complemented by the positive change in the corporate environment and the demand for office space and urban and semi-urban accommodations.
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Additionally, the real estate construction sector will beneﬁt from renovating and upgrading the existing stock, including redevelopment, additions, renovations, and retroﬁts. Also, the real estate development engine in the U.S. has impressive additional fuel to burn due to the awaited positive growth in the aggregate of households. Further, the newest development will likely occur in the more prospering cities, drawing residents from declining areas and rendering the housing in those areas obsolete.
By Segment – United States Real Estates Market revolves around Private Construction and Public Construction. Further, Private Construction and Public Construction comprises lodging, office, commercial, health care, educational, religious, public safety, amusement and recreation, transportation, communication, sewage and waste disposal, water supply, manufacturing, power, highway and street, conservation and development for buying, selling, and renting leasing of property, and condominiums.
Impact of COVID-19 on United States Housing Industry
The outburst and rapid spread of COVID-19 in early 2020 and stretching through October 2020 and assuredly beyond was one of the most severe collapses that the vast preponderance of the globe will eternally live through. Similar to other catastrophes or world wars, the novel coronavirus affected and continues to affect virtually every individual in every country in the world. So far in 2020, the United States real estate has been broadly negatively affected by COVID-19. Properties with a general application component like offices, retail, apartments, hotels, sports and entertainment venues have been singled out as latent spreading locations for the novel coronavirus.
United States Real Estate Market Size was USD 1,208 Billion in 2020
Currently, as evidenced by housing market conditions, despite increased housing insecurity caused by the pandemic, many housing market indicators have thus far remained strong in the nation. Contributing to rising prices and increased sales in housing inventory, the supply of homes for sale/on the market has decreased. Moreover, housing inventory was low even before the pandemic. However, it is possible that the pandemic exacerbated the shortage by causing people to put off selling their homes, in which case supply would be expected to increase somewhat in 2021.
Notwithstanding, the pandemic built a frenzied real estate market in maximum parts of the United States that have to let up, with demand for housing still outpacing the abundance of homes coming on the market, giving sellers a heavy upper hand in most of the country. But as per our estimates, the market cooled off a bit in July 2021, reasonably indicating that the wild price hike of the past year will have panicked off some buyers who favour waiting until things calm down to stay put or to continue renting.
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United States Housing Industry Players Analysis
Some of the leading real estate companies running in the United States are Jones Lang Lasalle Incorporated, Hathaway home services, Cbre Group Inc., Brookfield properties LLC, Berkshire Cushman & Wakefield Holdings Inc.
As per our analysis, the upcoming year promises to bring evolution to the real estates' industry in every region of the United States. For instance, Northern Arizona University plans for large construction projects that include STEM disciplines and the Biological Sciences Building renovation. The Southwest Florida International Airport is planning a huge amount of USD 250 Million terminal expansion, and residents in the city of Shoreline will see a USD 64.3 Million roadway reconstruction project introduced in 2022 and many more cities.
Segment– We have covered Private Construction and Public Construction of the United States Real Estates Market.
Private Construction – This report studiesPrivate Construction Market which has further been divided into two categories Residential and Non-Residential. Non-Residential Category is more on divided into fourteen sub-categories namely Lodging,Office, Commercial, Health Care, Educational, Religious, Public Safety, Amusement & Recreation, Transportation, Communication, Power, Sewage & Waste Disposal, Water Supply and Manufacturing
Public Construction – This report covers the Public Construction Market, divided into two categories: Residential and Non-Residential. Non-Residential Category is further divided into 12 Sub-Categories namely Office, Commercial, Health Care, Educational, Public Safety, Amusement & Recreation, Transportation, Power, Highway & Street, Sewage & Waste Disposal, Water Supply and Conservation & Development
Key Players – We have studied the company by overviews, recent developments and revenue of following companies Jones Lang Lasalle Incorporated, Cbre Group Inc., Brookfield properties LLC, Berkshire Hathaway home services, Cushman & Wakefield Holdings Inc.
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