As the industry emerges from the pandemic, what challenges await those involved in the construction-based sectors? For perspective, the total value of private construction (residential and nonresidential) put in place in the United States was slightly over a trillion dollars ($1,081 billion) in 2020, up from $1,031 billion in 2019. Spending in all residential categories increased in 2020, including 7.9% for single family, 6.6% for multi-family, and 20.3% for residential improvements. Spending on nonresidential construction however declined by 2.9%.
Bumgardner, Matt; Buehlmann, Urs; Koenig, Karen. 2021. Housing's impact on woodworker spending. FDMC. July: 24-26.