The US real estate market is expected to exceed $1,751 billion by the end of 2027.
Renub Reserch’s latest report, “U.S. Real Estate Market by Sectors (Private and Public) Construction, Category (Residential and Non-Residential), Company Analysis, and Forecasting” The US real estate market is expected to reach $1,751 billion by 2027. The real estate sector is the world’s most famous industry. In the United States, the real estate industry has been a big business, generating billions of dollars in revenue annually. There are many opportunities for entrepreneurs to make profits. Thus, real estate plays an essential role in the US economy. Moreover, real estate represents a large part of all economic activities at the macro level, and changes in the real estate market have broader effects on the economy.
The US housing market will grow at a CAGR of 5.45% from 2020 to 2027
The US real estate sector has seen significant growth with high demand for office and residential space. The US government and relevant country governments have taken several initiatives to encourage development in this sector. Besides, the growth of the real estate sector in the United States is complemented by the positive change in the corporate environment and the demand for office space and urban and peri-urban accommodation.
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In addition, the real estate construction sector will benefit from the renovation and modernization of existing inventory, including redevelopment, additions, renovations and retroactive. The US real estate development engine also has an impressive additional fuel burn due to the expected positive growth in the total number of households. Furthermore, more recent development is more likely to occur in more prosperous cities, drawing residents from degraded areas and making housing in those areas obsolete.
By Section – The US real estate market revolves around private construction and public construction. Furthermore, private construction and public construction includes housing, offices, commercial, healthcare, educational, religious, public safety, amusement and entertainment, transportation, communications, sanitation, waste disposal, water supply, manufacturing, energy, highways, streets, county and development, purchase, sale, and rental of real estate and condominiums.
Impact of COVID-19 on the US housing industry
The outbreak and rapid spread of COVID-19 in early 2020 and its extension into October 2020 and beyond was certainly one of the most severe crashes through which the vast majority of the world will live forever. Similar to other disasters or world wars, the novel coronavirus has affected and continues to affect virtually every individual in every country in the world. So far in 2020, US real estate has been widely negatively affected by COVID-19. Properties with a generic application component such as offices, retail, apartments, hotels, sports and entertainment venues have been classified as latent spread sites of the novel coronavirus.
The US real estate market was worth $1,208 billion in 2020
Currently, as evidenced by housing market conditions, despite the rising housing insecurity caused by the pandemic, many housing market indicators have so far remained strong in the country. Contributing to higher prices and increased sales in the housing stock, the supply of homes for sale/on the market decreased. Moreover, the housing stock was low even before the pandemic. However, it is possible that the pandemic has exacerbated the shortage by causing people to put off selling their homes, in which case supply is expected to increase somewhat in 2021.
Despite this, the pandemic has built a frenzied real estate market in the farthest parts of the United States that must calm down, as housing demand continues to outpace the abundance of upcoming homes on the market, giving sellers the upper hand in much of the country. But according to our estimates, the market calmed down a bit in July 2021, which reasonably indicates that the massive price hike in the past year will panic some buyers who would rather wait until things calm down to stay or continue their rental.
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Analysis of operators of the housing industry in the United States
Some of the leading real estate companies operating in the United States are Jones Lang LaSalle Incorporated, Hathaway Home Services, Cbre Group Inc. , Brookfield Properties LLC, Berkshire Cushman & Wakefield Holdings Inc.
According to our analysis, the coming year promises to bring about an evolution in the real estate industry in every region of the United States. For example, Northern Arizona University plans large construction projects that include STEM majors and a biological sciences building renovation. Southwest Florida International Airport is planning to expand the terminal building by a whopping $250 million, Shoreline residents will see a $64.3 million road reconstruction project in 2022 and many other cities.
Segment – We’ve covered private construction and public construction for the US real estate market.
Private Construction – This report studies the private construction market which has been segmented into two categories, residential and non-residential. The non-residential category is divided into fourteen sub-categories: housing, office, commercial, healthcare, educational, religious, public safety, leisure and entertainment, transportation, communications, energy, sanitation and waste disposal, water supply and manufacturing.
General Construction – This report covers the general construction market, divided into two categories: residential and non-residential. The non-residential category is further divided into 12 subcategories which are office, commercial, healthcare, educational, public safety, leisure and entertainment, transportation, energy, highways and streets, sanitation and waste disposal, and water supply and conservation.
Key Players – We’ve studied the company through the overviews, recent developments and revenue of the following companies: Jones Lang LaSalle Incorporated, Saber Group Inc., Brookfield Properties LLC, Berkshire Hathaway Home Services, Cushman & Wakefield Holdings Inc.
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According to the latest report by Renub Research, the US real estate market is expected to exceed $1,751 billion by the end of 2027.
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