The construction market in North America is forecasted by GlobalData to grow by 1.9% in real terms in 2024, having decreased by 5.7% in 2023. A key growth market will be the infrastructure market, with output rising by 1.9% 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.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega projects in North America, costing over $100m each.Here are the five largest construction projects initiated in North America during Q2 2024, according to GlobalData’s construction projects database.
1. Nujioqonik Renewable Green Hydrogen Project
The project involves the construction of a hydrogen production and distribution facilities with a capacity of 250,000 tons per annum (1,200,000 tonnes of green ammonia) in Newfoundland and Labrador, Canada.
Construction work started in Q2 2024 and is expected to be completed in Q1 2029.
The project aims to play a significant role in accelerating the growth of green hydrogen, a new source of clean, transportable renewable fuel made from wind and water, of which world energy is on pace to become one of the first large-scale global suppliers in the region.
2. 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, the US.
Construction work commenced in Q2 2024 and is expected to finish 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.
3. 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, the US.
Construction work started in Q2 2024 and is forecast to complete 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.
4. 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, the US.
Construction work commenced in Q2 2024 and is expected to be completed in Q2 2030.
5. Revolution Wind Farm 704 MW
The project involves the construction of a 704MW off-shore wind farm in Rhode Island, the US.
Construction work started 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.
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.
