The value of the US construction market is forecasted by GlobalData to grow by 2.0% in real terms in 2024, having decreased by 7.0% in 2023. A key growth market will be the infrastructure market, with output rising by 12.6% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Here are the five largest construction projects initiated in the US during Q2 2024, according to GlobalData’s construction projects database.
1. Nevada High-Speed Rail Corridor
The project involves the construction of a 350.83km double-track high-speed rail (HSR) line between Las Vegas, Nevada, and Los Angeles in California.
Construction work started in Q2 2024 and is expected to be completed in Q2 2028.
The rail system will remove 30,00,000 passenger vehicles from roadways annually, reducing carbon emissions by 100,000 tons per year.
2. Coastal Virginia Offshore Wind Farm 2600 MW
The project involves the construction of a 2,600MW wind farm on 45,729ha of land in Virginia.
Construction work commenced in Q2 2024 and is expected to finish in Q4 2026.
The purpose of the project is to meet the growing demand for power in the region. When complete, the project will be capable of generating 2,600MW of zero-carbon electricity, enough to power 660,000 homes during peak winds.
3. Talise Mixed-Use Community
The project involves the construction of a mixed-use community on 5,261ha of land at the intersection of I-35, U.S. Highway 83, and Texas Highway 255 in Laredo, Texas.
Construction work started in Q2 2024 and is forecast to complete in Q2 2030.
4. Revolution Wind Farm 704 MW
The project involves the construction of a 704MW off-shore wind farm in Rhode Island.
Construction work commenced in Q2 2024 and is expected to be completed in Q4 2025.
The proposed project site is located in the area of mutual interest between the states of Rhode Island and Massachusetts.
5. UCSF Helen Diller Medical Center at Parnassus
The project involves the construction of a 83,613m2, 682-bed, 15-story hospital in California.
Construction work started in Q2 2024 and is expected to be completed in Q4 2030.
The project aims to meet the region’s growing demand for specialty care and California’s rigorous hospital seismic requirements. It also aims to attain LEED Gold Certification.
For more details on the latest construction projects, buy the profiles here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
